The U.S. government has filed a forfeiture action against approximately $2 million in digital currency connected to Buy Cash Money and Money Transfer Company, a Gaza-based money transfer business involved in financially supporting Hamas, a designated foreign terrorist organization.
According to the complaint, Buy Cash 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. The company and Alaqad have been accused of using various digital currency platforms, including Binance, to fund accounts and transfer funds to known individuals and entities in support of Hamas.
“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 Jeanine Ferris 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.”
Attorney General Pamela Bondi stated, “Terrorist organizations like Hamas and their affiliates rely on shadowy financial networks to fund their deadly operations. 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.”
FBI Assistant Director in Charge Steven J. Jensen said, “It is essential to disrupt the flow of money to terrorist organizations like Hamas which enables their lethal activities. 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.”
The forfeiture action targets funds previously seized via Tether and Binance connected to Buy Cash and removes approximately $2 million dollars from streams of funds supporting international terrorism. The civil forfeiture complaint is merely a set of allegations, and it is the government’s burden to prove forfeita.
Since 2017, Buy Cash and Alaqad have supported various foreign terrorist organizations. In 2017, Buy Cash was used for the procurement of large quantities of online infrastructure on behalf of ISIS. In September 2019, Buy Cash was used to receive funds from a known Al-Qaida affiliate. In 2019, law enforcement identified various instances where Buy Cash, with the direct support of Alaqad, directly aided in the transfer of fiat currency to known individuals and entities in support of 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 is a significant step in disrupting the financial networks of terrorist organizations and preventing them from carrying out their deadly operations.
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Key Facts
- State: Washington DC
- Category: Fraud & Financial Crimes|Violent Crime
- Source: DOJ Press Release â†â€â€
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