Crypto Giant Binance for Financially Aiding Hamas in October 7th Attack

Crypto Giant Binance for Financially Aiding Hamas in October 7th Attack

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Survivors of Hamas’ attack on October 7th are suing the world’s largest crypto exchange Binance over accusations it gave “material support” to the terror group by allowing it to fundraise on its platform, claiming the crypto firm’s financial support of Hamas’ deadly rampage “cannot be overstated.”

The plaintiffs are reportedly pushing for a jury trial in the hope it will award damages and force the crypto firm to establish a general survivors and hostages fund for the victims of the Hamas attacks.

According to The New York Post, Binance facilitated transactions of nearly $900 million between US customers and Iran from 2018 to 2022. Iran is a known funder of terror groups, and a lot of that money “went to Hamas, Palestinian Islamic Jihad, Al Qaeda, and ISIS,” claimed lawyer Mark Golfeder.

Lead attorney for the case David Schoen said in a statement: “Binance and its affiliated companies for years knowingly and intentionally provided material support to Hamas and other vile terrorist organizations by facilitating their movement of funds.”

Federal investigators found the company was well aware that their platform was being used to raise funds by Hamas, with an employee recorded as saying “We see the bad but we close 2 eyes.” It was found that employees often knew Hamas and other terrorist groups used Binance’s platform to raise money, and either ignored or joked about it. Ex-CEO Zhao who is out on $175 million bond and awaiting sentencing, told employees that it was “better to ask forgiveness than permission.”

Plaintiff Adin Gess, who was not home at the time of Hamas’ savage attack, says he is “shocked by [Binance’s] callous indifference.” He told the New York Post: “They knew where the money was going, they knew what Hamas was capable of. My friends are dead in part because these people purposefully gave the bad guys money.”

The lawsuit intends to send a message that companies cannot “flagrantly violate the law, hurt other people and laugh all the way to the bank,” concluded Gess.