In less than two weeks, the Crypto Aid Israel collective has successfully raised more than $185,000 and has already made a significant impact by distributing aid to various humanitarian organizations. This crypto-powered initiative has carried out two rounds of aid distribution, totaling approximately 200,000 shekels, which is equivalent to $50,000.
The beneficiaries of Crypto Aid Israel’s efforts include several non-governmental organizations, all contributing to critical causes:
- Foundation for Advancing Citizens of Eshkol Regional Council: This organization has been able to provide transportation and shelter for individuals residing in proximity to Gaza, thanks to the aid received from Crypto Aid Israel.
- Zaka: Funds have been allocated for the purchase of essential medical equipment and protective gear to support the dedicated workers on the front lines.
- Lev Echad by Or Hanegev veHagalil: This organization, which primarily works with at-risk youth, has received financial support to provide food, hygiene products, and clothing to residents in areas adjacent to Gaza. These residents have chosen to stay in the region to offer protection and support.
- Latet: Utilizing the funds provided, Latet is conducting a large-scale operation to supply food and hygiene products to the people of southern Israel who have either remained in their communities or have been relocated.
Eyal Gura, crypto and new digital initiatives adviser to Latet emphasized the importance of the crypto channel, stating, “We believe that while modest initially, the crypto channel is an important, speedy, and innovative one and will enable new contributors to join our global ecosystem and support Israel during this crucial hour.”
To support Crypto Aid Israel’s mission, donations can be made to a multi-signature wallet through its official website. However, the organization urges caution when donating, as phishing attacks have been reported.
In an exciting development, Crypto Aid Israel’s Finance Committee has decided on the allocation of the next 100,000 NIS (approximately $25,000) as follows:
- 40,000 NIS – Eshkol Foundation
- 40,000 NIS – Lev Echad
- 20,000 NIS – Latet
This initiative was driven by the Israeli Web3 community, and various companies have joined the cause. Global accounting firm KPMG played a pivotal role in assisting with fundraising and distribution, while companies like Zengo, Fuse, Wonderland, Psagot Equity, and others have made significant contributions.
This positive initiative comes amidst a renewed global effort to prevent the misuse of cryptocurrency for funding terrorism. Notably, Binance has frozen wallets allegedly linked to the militant group Hamas. Additionally, the United States Treasury Department’s Financial Crimes Enforcement Network has sanctioned a crypto operator in Gaza with alleged ties to Hamas. It has also proposed a rule to designate cryptocurrency mixing as an area of “primary money laundering concern.” Over 100 U.S. lawmakers have sent a letter to the Treasury Department inquiring about the use of cryptocurrency in financing terrorism on October 17.
Crypto Aid Israel’s mission stands as a powerful example of how the crypto community can come together to support important causes, making a tangible difference in the lives of those in need.