Updated on:12/08/2025 04:54 PM 
The cryptocurrency industry has vehemently disputed The Wall Street Journal's recent reporting regarding Hamas' alleged use of digital currencies, claiming the financial publication significantly inflated the figures by nearly 99%.
In an article published on October 10th, WSJ reported that Hamas had obtained approximately $90 million worth of cryptocurrency to fund their recent attacks against Israel. This claim quickly gained traction among cryptocurrency critics, who leveraged these supposed numbers to demonstrate how digital assets could potentially support malicious activities.
The report was subsequently referenced by several prominent U.S. legislators, led by Senator Elizabeth Warren, in an official correspondence to the White House and Treasury Department. These elected officials expressed serious concerns about national security implications, suggesting that cryptocurrencies might facilitate terrorist financing operations.
Sam Callahan, lead market analyst at Swan Bitcoin, directly challenged the WSJ's methodology, stating that "their reported figures for Hamas' cryptocurrency utilization were inflated by more than 99%." Callahan based his rebuttal on recent findings from blockchain analysis firm Chainalysis.
According to Callahan, the financial publication had erroneously calculated the entire trading volume of a cryptocurrency exchange as part of Hamas' digital wallet activity. He emphasized that this fundamental error led to grossly misrepresentative figures, potentially influencing policy decisions.
"The Wall Street Journal should retract this story immediately," Callahan urged, "because politicians with predetermined agendas will undoubtedly continue using this misinformation as justification to target an industry they've consistently opposed."
Crypto industry professionals, including researcher Nic Carter, have echoed Callahan's criticisms. Despite attempts to engage with WSJ journalists through formal correspondence, the publication has reportedly refused to acknowledge or correct the disputed figures.
Sam Lyman, director of public policy at Bitcoin mining company Riot Platforms, highlighted an additional perspective overlooked in the original report. He pointed out that Hamas' cryptocurrency fundraising initiative ultimately proved counterproductive, resulting in "exposing key donors to criminal prosecution and inadvertently financing their primary adversaries—the United States and Israel—to the tune of millions of dollars."
In related developments, cryptocurrency exchange Coinbase has emphasized that blockchain technology actually provides tools to combat illicit financing. The company noted that terrorist organizations continue to predominantly rely on traditional financial systems rather than digital currencies for their funding activities.
