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WSJ urged to retract inflated Hamas crypto report

hamas adopts bitcoin for funding

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TL;DR

  • The Wall Street Journal mistakenly reported that Hamas obtained $90 million in cryptocurrency.
  • Sam Callahan from Swan highlights the need for the WSJ to retract the incorrect information.
  • Politicians used the WSJ’s misinformation to challenge the safety of cryptocurrencies.

Swan’s Lead Market Analyst, Sam Callahan, recently spotlighted a critical error in a Wall Street Journal article. The publication erroneously reported that Hamas had garnered $90 million in cryptocurrency. This false claim, Callahan urges, necessitates an immediate retraction by the WSJ to prevent misuse of the information in political warfare against the cryptocurrency realm.

The contentious article appeared last week, drawing extensive attention and serious implications. Politicians opposing Bitcoin capitalized on this misinformation, forwarding a letter to national authorities. They pressed for action against cryptocurrencies’ perceived national security risks in terrorist financing.

However, the blockchain analytics authority Chainalysis debunked the WSJ’s claims. Intensive scrutiny revealed the WSJ had incorrectly attributed an entire exchange’s trading volume to a single terror-linked wallet. The actual figure, Chainalysis confirms, stands starkly lower at approximately $450,000.

The misrepresentation of these funds, part of the $82 million, sparked undue concern. The majority of transactions, Chainalysis explains, likely originated from a service provider unaware of the wallet’s terror links. This miscalculation by the WSJ led to inflated figures, fueling baseless fears and political agendas.

Hence, Callahan asserts the pressing need for a formal retraction from the WSJ. Such a step is integral to curtailing further exploitation of this inaccurate information. It’s a matter of ethical journalism and public information integrity, especially considering the current sensitive global geopolitical climate.

Moreover, the incident underscores the necessity for rigorous fact-checking in journalism. It serves as a reminder of the potential consequences of misinformation, particularly regarding volatile subjects like cryptocurrency and national security. The ripple effect of such errors is far-reaching, influencing public opinion and potentially shaping policy based on falsehoods.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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Mutuma Maxwell

Maxwell especially enjoys penning pieces about blockchain and cryptocurrency. He started his venture into blogging in 2020, later focusing on the world of cryptocurrencies. His life's work is to introduce the concept of decentralization to people worldwide.

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