U.S. Files Forfeiture Action Against $2 Million in Digital Currency Involved in Hamas Fundraising

            WASHINGTON -- The Justice Department and the U.S. Attorney’s Office for the District of Columbia today announced the unsealing of a civil forfeiture action against approximately $2 million in digital currency  connected to Buy Cash Money and Money Transfer Company, a Gaza-based money transfer business that was involved in financially supporting Hamas, a designated foreign terrorist organization (FTO), as well as its agents and collaborators.

            The forfeiture action was announced by U.S. Attorney Jeanine Ferris Pirro, Attorney General Pamela Bondi, and FBI Assistant Director in Charge Steven J. Jensen of the Washington Field Office.

            “The forfeiture actions executed today is an example of how diligently our office works to prevent any actions from taking place that support foreign terrorist organizations,” said U.S. Attorney Pirro.  “Our partnership with other law enforcement agencies strengthens us to uphold the safety of the American people from entities that threaten the security of our citizens.”

            “Terrorist organizations like Hamas and their affiliates rely on shadowy financial networks to fund their deadly operations,” said Attorney General Bondi. “By seizing millions in cryptocurrency, the Justice Department is aggressively dismantling the financial infrastructure of terrorism and refusing to allow our digital currency platforms to become safe havens for terrorist financing.” 

            “It is essential to disrupt the flow of money to terrorist organizations like Hamas which enables their lethal activities,” said FBI Director Kash Patel. “Our message is that terrorists cannot hide behind digital currency to bankroll their operations.  The FBI and our partners will continue our efforts to cut off the flow of money and - most importantly - stop the violence committed by Hamas and their affiliates.”

            “This forfeiture action demonstrates that no matter what lengths terrorism financers take to obscure their illegal transactions, the FBI will aggressively disrupt the transmission of illicit proceeds intended to support designated terrorist organizations like Hamas," said the FBI’s Jensen.

            BuyCash, and one of its owners, Ahmed M. M. Alaqad, have been suspected of supporting various terrorist organizations including Hamas, ISIS, Al-Qaida affiliates and others. After the October 7, 2023, attacks, BuyCash and Alaqad were designated as having materially supported Hamas, by the Office of Foreign Asset Control under Executive Order 13224.

            Since 2017, BuyCash and Alaqad have supported various foreign terrorist organizations. In 2017, BuyCash was used for the procurement of large quantities of online infrastructure on behalf of ISIS. In September 2019, BuyCash was used to receive funds from a known Al-Qaida affiliate. In 2019, law enforcement identified various instances where BuyCash, with the direct support of Alaqad, directly aided in the transfer of fiat currency to known individuals and entities in support of Hamas. In June 2021, Israel’s National Bureau for Counter Terrorist Financing seized various digital currency accounts connected to Hamas and the Izz-al-Din Qassam Brigades including one involving BuyCash.

            The complaint describes a scheme in which various users across the world used BuyCash to fund accounts at Binance and to fund unhosted wallet addresses containing USDT (or Tether) to obfuscate their financial support of various international terrorist organizations including Hamas. Before and after the October 2023 attacks, one account was reported to have received at least $4 million to support Hamas.

            The government’s forfeiture action targets funds previously seized via Tether and Binance connected to BuyCash and removed approximately $2 million dollars from streams of funds supporting international terrorism.

            The civil forfeiture complaint is merely a set of allegations. It is the government’s burden to prove forfeitability in a civil forfeiture proceeding.

            The FBI Washington D.C. Field Office is investigating the case. The Department of Justice would like to acknowledge Tether for its assistance in effectuating the transfer of these assets.

            This case is being prosecuted by Assistant U.S. Attorneys Rajbir S. Datta and Thomas N. Saunders with assistance from Trial Attorney Allison Ickovic of the Money Laundering and Asset Recovery Section and Deputy Chief Alicia Cook of the National Security Division. Critical assistance was provided by Paralegal Specialists Brian Rickers, Gina Torres, and the Department of Justice’s Office of International Affairs.

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