The Department of Justice and U.S. Attorney’s Office for D.C. have moved to seize around $2 million in digital currency tied to a Gaza-based terror finance network. The funds, held in accounts managed by Tether and Binance, allegedly connected with Buy Cash Money and Money Transfer Company (BuyCash), a financial services provider accused of channeling money to Hamas and other extremist organizations.
The civil forfeiture complaint marks the culmination of years-long intelligence and investigative efforts aimed at disrupting BuyCash’s alleged role as a financial conduit for Hamas’s Izz al-Din al‑Qassam Brigades, ISIS, and al-Qaida affiliates. Attorney General Pam Bondi emphasized the DOJ’s commitment to dismantling terror financing networks, stating that “seizing millions in cryptocurrency…refusing to allow our digital currency platforms to become safe havens for terrorist financing.”
According to the filing, BuyCash clients used Tether and Binance accounts to obscure transactions supporting international terrorist groups. One account reportedly handled over $4 million in transfers before and after the Hamas attacks on Israel in October 2023.
Owned by Gaza-based Ahmed M. M. Alaqad, BuyCash was registered in 2015 and previously identified by Israel’s National Bureau for Counter Terrorist Financing. In June 2021, several virtual wallets—some tied to the Qassam Brigades—were seized, including one belonging to BuyCash. The U.S. Treasury designated both BuyCash and Alaqad under Executive Order 13224 for materially supporting Hamas.
Beyond Hamas, BuyCash allegedly facilitated terror funding through Bitcoin wallets linked to al-Qaida in 2019 and ISIS in 2017. The Treasury noted that even modest donations via virtual currency can reveal financial networks used by terrorists.
The FBI’s Washington Field Office spearheaded the investigation. Assistant Director in Charge Steven J. Jensen underscored the bureau’s mission: “No matter what lengths terrorism financiers take to obscure their illegal transactions, the FBI will aggressively disrupt the transmission of illicit proceeds.”
The forfeiture removes approximately $2 million from suspect wallets on Tether and Binance, highlighting law enforcement’s ability to trace digital funds across international platforms.
The case is being prosecuted by Assistant U.S. Attorneys Rajbir S. Datta and Thomas Saunders, alongside DOJ’s Money Laundering & Asset Recovery Section’s Allison Ickovic and National Security Division Deputy Chief Alicia Cook, with support from the Office of International Affairs and DOJ specialists.
