Blockchain analytics company Elliptic has stated that there is no substantial evidence to support the claim that cryptocurrency donations have funded Hamas attacks on Israel.

The company asserted that recent articles and letters from the Wall Street Journal (WSJ) and US lawmakers have misinterpreted the data.

Elliptic points to a Hamas cryptocurrency campaign, operated by Gaza Now, a pro-Hamas news outlet, which has only managed to raise $US21,000 since the group's attack on Israel on October 7.

Chainalysis, another blockchain analytics firm, has also published a blog post in an attempt to clarify misconceptions in the media.

According to Chainalysis, one wallet received a total of $US82 million over a period of seven and a half months, but only $US450,000 has been transferred to a wallet associated with terrorism.

In April 2023, Hamas suspended its Bitcoin fundraising due to concerns about donor safety.

The National Bureau for Counter Terror Financing in Israel has taken action by issuing seizure orders for crypto wallets linked to Hamas and  is reportedly working with exchanges to freeze accounts used by the group.

Both Elliptic and Chainalysis argued that the transparency of the blockchain technology allows for effective tracking and identification of suspicious transactions.