WSJ used fake figures to defame the crypto industry: Hamas & Crypto

On Oct 24, 2023

Recently the WSJ media published a report and alleged that Hamas successfully collected $90 million worth of cryptocurrencies but later investigation found that mentioned figure was wrong.

Hamas is a military organisation governing the Gaza Strip of the Palestinian territories but Australia, Canada, the European Union (EU), Israel, Japan, Paraguay, the United Kingdom (UK), United States (US) consider Hamas a terrorist organisation. In the present time, a big war between Israel & Hamas is going on. The spreading pictures & videos are evidence that Hamas is a 100% terrorist group & nothing.

On 10 Oct 2023, The Wall Street Journal (WSJ) reported that the Hamas group collected $90 million in funding in cryptocurrencies.

Some crypto-hater politicians used the WSJ’s report as evidence of how these cryptocurrencies are involved in illegal activities. Politicians sent a letter to the White House and Treasury to take bitter action against the crypto industry.

Later crypto analytic firm Chainalysis investigated WSJ’s report and found that the report mentioned a fake figure. The authors of the article mistakenly counted an entire exchange’s trading volume ($82 million) for the Hamas terrorist group’s address. In short WSJ’s article mentioned that the figure for crypto use in financing Hamas was off by over 99%.

A Bitcoin proponent raised a question against WSJ and asked whether they will publish another report to admit the mistake they made to defame the crypto sector.

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Last week, the @WSJ published an article claiming about $90 million worth of crypto was used to fund Hamas — a serious claim that gained significant attention.

In response to the article, anti-Bitcoin politicians directly linked the WSJ article as evidence in a letter to the…
— Sam Callahan (@samcallah) October 21, 2023

Coinbase chief legal officer Paul Grewal also shared his opinion on this wrong & fake reporting against cryptocurrencies and said that proper efforts are needed to be taken against such actors who are responsible for this fake reporting.

Yes— wrong is wrong. This reported misinformation furthers agendas that demean real human tragedy and genuine and effective efforts to thwart those who are responsible. https://t.co/UDPmkGr0mG
— paulgrewal.eth (@iampaulgrewal) October 22, 2023

In the recent week, Paddy Cosgrave, the founder of this web summit, passed political & controversial comments on the Israel-Hamas war.

Web Summit is one of the biggest events for the fintech & blockchain firms and everyone remains eager to get the opportunity to get Web Summit stage time but Cardano founder Charles Hoskinson decided not to go there, while he was eager to go there before Paddy’s controversial statement.