Crypto Aid Israel brings in $185k in donations for humanitarian relief despite phishing attack

Crypto Aid Israel, an emergency relief fund created to support Israeli victims of Hamas terrorism, has received over $185,000 in donations despite suffering a phishing attack.

In an Oct. 19 statement shared with CryptoSlate, Crypto Aid Israel said it had completed two rounds of aid distribution of 200,000 NIS, around $49,000, to various organizations spearheading the relief efforts in the region.

Some of the beneficiaries of the donations include the Foundation for Advancing Citizens of Eshkol Regional Council, Zaka, Latet, and Lev Echad. They are spending the funds on search and rescue movements, securing medical equipment, and providing essential provisions like food and transportation for needy citizens.

Eyal Gura, the New Digital Initiatives advisor to Latet’s board, said:

“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.”

However, the initiative has faced challenges, including a “serious phishing attack” and  “a brief disruption” that lasted 30 minutes to its website. It was unclear if any funds were lost to these incidents.

Meanwhile, the initiative revealed it has enjoyed support from more than 30 companies, including accounting giant KPMG, crypto wallet provider Zengo, and Fuse, helping it raise awareness and financial contributions for its cause.

Crypto Aid Israel is a collective led by influential leaders within the Israeli cryptocurrency community. The collective includes organizations like 42Studio, MarketAcross, Collider Ventures, CryptoJungle, Nilos, BlockchainB7, Efficient Frontier, Ironblocks, Israel Blockchain Association, Bits Of Gold and KPMG.

The Aid was launched following a terrorist attack from Hamas on Israelis, resulting in the loss of properties and lives. Critics of the crypto industry highlighted its role in funding such incidents, prompting a broader discussion on the regulation and transparency of digital assets.

As a result, regulators worldwide are clamping down on Hamas’s financial resources. For context, the U.S. government recently sanctioned a Gaza-based crypto broker, Buy Cash, and its operator, Ahmed M. M. Alaqad, for facilitating crypto transactions for Hamas.