“No matter what lengths terrorism financiers take to obscure their illegal transactions, the FBI will aggressively disrupt the transmission of illicit proceeds intended to support designated terrorist organizations like Hamas.”
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The US Department of Justice and the US Attorney’s Office for the District of Columbia have unsealed a civil forfeiture action targeting approximately $2 million in digital currency allegedly tied to a Gaza-based terror finance network. The funds, held in accounts managed by Tether Limited and Binance Holdings Ltd., were connected to Buy Cash Money and Money Transfer Company (BuyCash), a money services business accused of funneling funds to Hamas and other foreign terrorist organizations.
Federal authorities say BuyCash served as a financial conduit for Hamas and its military wing, the Izz al-Din al-Qassam Brigades, as well as groups affiliated with ISIS and al-Qaida. The action follows years of intelligence and investigative work into BuyCash’s operations and its alleged involvement in terrorist financing networks.
“Terrorist organizations like Hamas and their affiliates rely on shadowy financial networks to fund their deadly operations,” said Attorney General Pam Bondi. “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.”
US Attorney Jeanine Ferris Pirro for the District of Columbia added, “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.”
The forfeiture complaint outlines how BuyCash users leveraged cryptocurrency accounts with Tether and Binance to obfuscate transactions meant to financially support international terror groups. In one instance, a single account received over $4 million before and after the October 2023 Hamas terror attacks on Israel.
BuyCash, and its owner, Ahmed M. M. Alaqad, have been under scrutiny for years. Alaqad, based in Gaza, registered BuyCash’s domain in 2015 and is its acting representative and owner. In June 2021, Israel’s National Bureau for Counter Terrorist Financing (NBCTF) seized several virtual currency wallets connected to a Hamas fundraising campaign—some linked directly to the Izz al-Din Qassam Brigades. One of the seized wallet addresses belonged to BuyCash, which provided virtual currency exchange services, including Bitcoin.
According to the US Treasury Department, BuyCash has been a critical node in terror finance operations beyond Hamas. In September 2019, one of BuyCash’s Bitcoin wallets received a Bitcoin transfer equivalent to over $2,000 from a Türkiye-based money services operator affiliated with al-Qaida. In 2017, the same network was used by individuals purchasing large quantities of online infrastructure for ISIS.
As a result, the US Treasury designated BuyCash under Executive Order 13224, as amended, for materially supporting Hamas. Alaqad himself was designated under the same order for materially supporting BuyCash’s operations. “Hamas often relies on small-dollar donations, including through the use of virtual currency,” the US Treasury noted. “While individual amounts may vary, any information can help identify new investigative links for law enforcement and help disrupt planned attacks.”
The FBI’s Washington Field Office led the investigation. “No matter what lengths terrorism financiers take to obscure their illegal transactions, the FBI will aggressively disrupt the transmission of illicit proceeds intended to support designated terrorist organizations like Hamas,” said Assistant Director in Charge Steven J. Jensen.
The government’s forfeiture action removed approximately $2 million from multiple digital wallets seized from Tether and Binance linked to BuyCash’s operations. The case underscores how law enforcement continues to follow digital trails across borders to dismantle complex terror finance schemes.
Assistant US Attorneys Rajbir S. Datta and Thomas Saunders are prosecuting the case, with assistance from Trial Attorney Allison Ickovic of the Justice Department’s Money Laundering and Asset Recovery Section and Deputy Chief Alicia Cook of the National Security Division. Additional support came from the DOJ’s Office of International Affairs and DOJ paralegal specialists.
Federal authorities say BuyCash served as a financial conduit for Hamas and its military wing, the Izz al-Din al-Qassam Brigades, as well as groups affiliated with ISIS and al-Qaida. The action follows years of intelligence and investigative work into BuyCash’s operations and its alleged involvement in terrorist financing networks.
“Terrorist organizations like Hamas and their affiliates rely on shadowy financial networks to fund their deadly operations,” said Attorney General Pam Bondi. “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.”
US Attorney Jeanine Ferris Pirro for the District of Columbia added, “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.”
The forfeiture complaint outlines how BuyCash users leveraged cryptocurrency accounts with Tether and Binance to obfuscate transactions meant to financially support international terror groups. In one instance, a single account received over $4 million before and after the October 2023 Hamas terror attacks on Israel.
BuyCash, and its owner, Ahmed M. M. Alaqad, have been under scrutiny for years. Alaqad, based in Gaza, registered BuyCash’s domain in 2015 and is its acting representative and owner. In June 2021, Israel’s National Bureau for Counter Terrorist Financing (NBCTF) seized several virtual currency wallets connected to a Hamas fundraising campaign—some linked directly to the Izz al-Din Qassam Brigades. One of the seized wallet addresses belonged to BuyCash, which provided virtual currency exchange services, including Bitcoin.
According to the US Treasury Department, BuyCash has been a critical node in terror finance operations beyond Hamas. In September 2019, one of BuyCash’s Bitcoin wallets received a Bitcoin transfer equivalent to over $2,000 from a Türkiye-based money services operator affiliated with al-Qaida. In 2017, the same network was used by individuals purchasing large quantities of online infrastructure for ISIS.
As a result, the US Treasury designated BuyCash under Executive Order 13224, as amended, for materially supporting Hamas. Alaqad himself was designated under the same order for materially supporting BuyCash’s operations. “Hamas often relies on small-dollar donations, including through the use of virtual currency,” the US Treasury noted. “While individual amounts may vary, any information can help identify new investigative links for law enforcement and help disrupt planned attacks.”
The FBI’s Washington Field Office led the investigation. “No matter what lengths terrorism financiers take to obscure their illegal transactions, the FBI will aggressively disrupt the transmission of illicit proceeds intended to support designated terrorist organizations like Hamas,” said Assistant Director in Charge Steven J. Jensen.
The government’s forfeiture action removed approximately $2 million from multiple digital wallets seized from Tether and Binance linked to BuyCash’s operations. The case underscores how law enforcement continues to follow digital trails across borders to dismantle complex terror finance schemes.
Assistant US Attorneys Rajbir S. Datta and Thomas Saunders are prosecuting the case, with assistance from Trial Attorney Allison Ickovic of the Justice Department’s Money Laundering and Asset Recovery Section and Deputy Chief Alicia Cook of the National Security Division. Additional support came from the DOJ’s Office of International Affairs and DOJ paralegal specialists.
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