Hamas Financing 2024: Key Insights and Analysis

One of our major themes from 2024 was Hamas financing. While we did a lot of work on the group’s financing back in 2023 (including a series looking at how the group raises, uses, moves, stores, manages, and obscures their funds) and counter-terrorist financing options, 2023 was focused on debunking some myths and updating that analysis after a year of Israeli counter-terrorism operations.

We started our analysis in 2024 by looking at how much the October 7th attack cost. Even with everything I know about the cost of terrorism, I was pretty surprised that this attack cost over $1 million. Our diligent researcher, Elena Martynova, did a great job at outlining all the costs associated with the attack. Of all the terrorist attacks we’ve analyzed, this is by far the most expensive single attack. (For context: the 9/11 attacks, if they were perpetrated today, would likely cost around $750,000. This makes the attack the most expensive single attack in history. You can read more about the attack and its financing here.

There’s also been a lot of talk about how Hamas has used cryptocurrency, particularly to fund its attack. There were some pretty wild headlines in 2023 and early 2024 about the scope and scale of Hamas’s cryptocurrency activity. While we don’t really know the full extent of the story, we do know that Hamas does solicit some funds through cryptocurrency, and it’s possible (even likely) that Iran sends some of its state support to the group through cryptocurrency transactions. You can read more about Hamas and crypto here.

Follow the Money, Disrupt the Networks

Terrorist financing isn’t just theory—it’s happening now. This course will teach you how to track, analyze & disrupt terror finance operations using real case studies.

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✔️ How terrorist groups finance attacks

✔️ How to analyze financial red flags

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Israel’s counter-terrorism efforts have certainly degraded some aspects of the group’s ability to finance its activities. However, I still think the group has a fairly stable financial base, thanks to funds from Iran and its international investment portfolio. Unfortunately, some key countries like Sudan, Algeria, and Türkiye have not designated Hamas as a terrorist entity, so it operates with impunity in those countries, raising funds and maintaining investments and assets. Read more here.