USDC (usdc) 
Major Crypto Exchanges Receive $80 Million in Tether’s Stablecoin from Hamas-Linked Exchange
A recent investigation by blockchain forensic firm Global Ledger has uncovered that four major cryptocurrency exchanges, including Binance and Gate.io, received approximately $78 million in Tether’s USDT stablecoin through indirect transactions linked to a company sanctioned by Israel for allegedly aiding Hamas.
Background of the Sanctioned Company
In late January, Israel’s National Bureau for Counter Terror Financing (NBCTF) ordered the seizure of crypto wallets and accounts tied to the Dubai Company for Exchange, also known as El-kahira for General Trading. The January 26 order accuses the company of providing “substantial assistance” to Hamas, a terrorist organization.
Investigation Findings
A spokesperson for Global Ledger stated,
We have analyzed on-chain data and identified that the funds associated with the exchange in question were transferred to multiple entities, with a significant portion being sent to centralized exchanges like Binance and others.
The research report identified that four major centralized exchanges and one payment processing platform received approximately $78 million in USDT on the TRON network, indirectly from the sanctioned entity between January 1, 2024, and February 13, 2025.
The breakdown of the USDT received by each exchange is as follows:
- Binance: $46.9 million
- OKX: $17.7 million
- Huione Pay: $11 million
- Gate.io: $8.7 million
- Bybit: $4.6 million
The report also highlights transactions involving Garantex, a Russian-linked exchange sanctioned by the U.S. Treasury, noting that over $2.1 million in USDT was received from Garantex, while approximately $1.2 million USDT was transferred to it.
Freezing of Funds
As of press time, it’s unclear whether the platforms in question froze the funds. A spokesperson for Global Ledger stated, “We cannot confirm whether the money was frozen or wasn’t frozen until the Israeli authorities stepped in.”
Related Developments
In July 2024, analysts at blockchain intelligence firm Elliptic revealed that Cambodian giant marketplace Huione Guarantee, partially linked to the Cambodian ruling family, has emerged as a center for merchants providing money laundering services. Analysts at blockchain forensic firm Chainalysis also say that Huione Guarantee has processed $70 billion in crypto transactions since 2021 and is believed to play a major role in supporting scams like pig butchering.
For more news on cryptocurrency and finance, visit Global Crypto News.
