The Wall Street Journal has finally corrected an October 10 article which miscited data to suggest that Hamas raised up to $93 million between 2020 and 2023 to fund its terrorism activities against Israel.
Elliptic, the firm which Wall Street Journal sourced the data from, said it was “pleased” to see the news outlet acknowledge its mistakes.The Wall Street Journal has partially corrected an article whic mischaracterized the extent to which Hamas and other militant groups have been funding its terrorism activities with cryptocurrencies.
In the cited report, Elliptic said Israel’s counter-terrorism unit seized PIJ-linked wallets which received $93 million from over that timeframe. However, Elliptic made it clear that this inIn WSJ’s correction, it stated PIJ and Lebanese political party Hezbollah “may have exchanged” up to $12 million in cryptocurrency — far less than its initial $93 million figure.
WSJ said it updated other parts of the article to include “additional context” about Elliptic’s research.WSJ’s retraction follows an Oct. 25 statement by Elliptic which called on WSJ to correct its misinterpretation of the data. Elliptic added that cryptocurrency funding by Hamas remains “tiny” relative to other funding sources.
We're pleased to see the Wall Street Journal issue some corrections to their article based on our feedback. While we would like to have seen them go further, we will continue to engage constructively.Coinbase's chief legal officer Paul Grewal also noted that WSJ's opening paragraph is still framed as though cryptocurrency was the primary funding source behind Hamas' Oct. 7 attack on Israel.
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