Elliptic initially claimed July 2023 that PIJ had received $93m based on addresses disclosed in this Israel counter terror seizure order.

address from :

​​​Seizure order (ASO 34/23) of the Minister of Defense​

And on this page, we are examining their claims.

1- Approximately $87.45 million has been transferred to these wallets, with the majority of it being in the form of USDT (Tether)

2- Elliptic claimed $93 million, but here I refute this figure because the total amount transferred to these wallets is $87.45 million, indicating a $5.5 million difference from Elliptic's report

1- Approximately $26.5 million of these funds have been withdrawn from the Binance exchange, $1.75 million from the OKEx exchange, and $1.5 million from the KuCoin exchange. This is intriguing in itself! Why didn't Hamas members use KuCoin in recent times when identity verification was not mandatory there?

2- In my opinion, the funds in these accounts can be considered as the total incoming money from digital exchanges!

That's approximately $30 million here. But why? All organizations and groups have different branches. It's possible that this money changes hands multiple times between various elements within Hamas through their wallets. However, it makes more sense to consider the total funds received from exchanges that require identity verification as the input for the Hamas organization.

Even this method is not entirely reliable because money can be withdrawn from these accounts and sent back to Binance or to the next account. As you can see, $4 million has been transferred from these accounts to Binance deposit addresses, which may be withdrawn again quickly, and this back-and-forth movement only complicates the numbers.

Approximately $13.3 million has also been withdrawn from these wallets and transferred to Hezbollah's accounts, indicating the money laundering between different groups. If these transactions are conducted with small amounts but in high quantities, it may lead us to believe that the numbers have all added up and are logical, but that's not the case.