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The Crypto Aid Israel collective has raised over $185,000 since its creation less than two weeks ago and has distributed aid to several humanitarian groups.
The organization has carried out two rounds of aid distribution so far, dispensing around $50,000 (200,000 NIS). Nongovernmental organizations benefitting from its efforts include the Foundation for Advancing Citizens of Eshkol Regional Council, which has provided transportation and shelter to people living close to Gaza.
Zaka has received funds to purchase medical equipment and protective gear for its workers on the front lines.
Lev Echad by Or Hanegev veHagalil, which normally works with at-risk youth, has received funds for food, hygiene products and clothes for residents of areas adjacent to Gaza who chose to remain in the areas to provide protection and support.
Latet is using funds for a large-scale operation to provide food and hygiene products for people from the south of Israel who remain there or have been relocated. Eyal Gura, crypto and new digital initiatives adviser to Latet, said:
“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 in such an important hour.“
Donations to Crypto Aid Israel can be made to a multisignature wallet via its website. The organization warns people to be cautious when they donate, as phishing attacks have occurred.
Our Finance Committee has decided on the next allocation of 100k NIS (~$25k):
♂️40k NIS – Eshkol Foundation
♂️40k NIS- @LevEchad
♂️20k NIS- Latet
— CryptoAidIsrael (@CryptoAidIsrael) October 16, 2023
The Crypto Aid Israel initiative was led by the Israeli Web3 community, with companies providing support as well. Global accounting firm KPMG assisted with fundraising and distribution. Zengo, Fuse, Wonderland, Psagot Equity and other companies have contributed to the effort as well.
There has been a renewed push to ensure that crypto is not used for terrorism. Binance has frozen wallets linked to Hamas. The United States Treasury Department’s Financial Crimes Enforcement Network has sanctioned a crypto operator in Gaza with ties to Hamas and has proposed a rule to designate cryptocurrency mixing as an area of “primary money laundering concern.” Over 100 U.S. lawmakers sent a letter to the Treasury Department enquiring about the use of crypto in financing terrorism on Oct. 17.