Cryptocurrency donations have become a critical source of aid in Gaza, where traditional banking services are limited. Since March 2024, the platform Loopify has facilitated over $2.1 million in donations from 946 contributors, averaging $1,445 each. Additionally, a local resident successfully raised more than $45,000 through Instagram, demonstrating the effectiveness of crypto in circumventing conventional aid barriers.
However, the rise in cryptocurrency use has also sparked concerns about potential fraud. A group named 'Al-Majd Europe' has been reported to charge between $1,000 and $2,000 for evacuation flights, using cryptocurrency as a payment method. The group's website, registered this year, features AI-generated customer service, raising alarms about possible exploitation and misuse of funds.
Cryptocurrency Emerges as Crucial Aid in Gaza Amid Fraud Concerns
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