USDC distributor Circle denied allegations of illegal financing and connections with Justin Sun in an open letter published on its blog site. A non-profit observer group had previously accused Circle of having ties with Sun.

The post was published on November 11 and changed on November 30. The letter was addressed to US Senators Elizabeth Warren and Sherrod Brown. It was signed by Circle’s Chief Strategy Officer and Head of Public Policy, Dante Disparte.

In the letter, Disparte claims that Circle was recently made aware of the “false” allegations made about him by the “so-called Responsibility Campaign”. The letter also adds:

“Circle does not directly or indirectly facilitate or finance Hamas (or other illegal actors).”

Disparte also denied that he was “banking” for Sun or providing financial services to him.

Disparte denied allegations that Circle facilitated a “large flow of funds to Hamas or Hezbollah.” He claims instead that these accusations are based on unverified, unverified posts on social media. The letter states that “only $160 in USDC was transferred between [illegal wallets]”, and that “none of these were received from Circle”.

Disparte also claimed that Circle had stopped serving Sun in February 2023, saying:

Neither Mr. Sun nor any organization owned or controlled by Mr. Sun (including the TRON Foundation or Huobi Global) currently has an account at Circle. To date, the US government has not specifically appointed Mr. Sun or his organizations as Specially Designated Nationals. However, Circle terminated all accounts owned by Mr. Sun and his affiliated companies in February 2023.

The open letter from Circle appears to have been sent in response to a letter dated November 9 from the non-profit ethics group Campaign for Accountability. This letter claimed that Circle has extensive ties with Sun’s Tron Foundation and leading Wall Street investors and that Sun has cross-chain connections. SunSwap protocol is often used for money laundering purposes.

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Claims of cryptocurrency being used to finance terrorism have proliferated since the beginning of the Israel-Hamas war. On October 10, The Wall Street Journal reported that over $130 million in cryptocurrency had been donated to terrorist organizations. The media organization later corrected the story, indicating instead that $12 million in cryptocurrency “may have been sent” to these organizations.

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Related: Hamas’ Attack on Israel Shakes Markets as Oil Rises!

Israeli police cooperated with the cryptocurrency exchange Binance to close Hamas’ cryptocurrency wallets. They also collaborated with the UK police to freeze an account at Barclays bank in the UK. (People believed this account belongs to Hamas.)

Hamas’ cryptocurrency accounts were freezed by Israel

The Ministry of Defense made a statement. It said, “With the onset of the war, Hamas launched a fundraising campaign on social media and asked the public to deposit cryptocurrencies into their account.

Also, the Cyber unit and National Economic War Headquarters (MTL) took action to find and freeze the accounts with the help of cryptocurrency exchange Binance to transfer the funds to the state treasury.

The Israeli Police asserted their determination in combating the financing of terrorism and in confiscating the strategic financial assets of terrorist organizations with the collaboration of the Israeli Defense Forces and partners.

In March, CFTC, had sued Binance due to multiple infringements, some hinting at potential criminal activities such as money laundering. After this collaboration with the Israeli police, Binance affirmed they do not permit any terrorist organization to trade on their exchanges.

The Palestinian resistance group Hamas had launched an attack against Israel on Saturday morning. Following this attack, the Israeli government had launched a counterattack against Hamas. Due to this war, oil prices had risen.

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Despite tensions in the Middle East, Bitcoin and Ethereum resisted even as stock markets fell and oil prices increased. Over the past 24 hours, Bitcoin and Ethereum saw a slight decrease of 0.2%. XRP fell 1.3% while Cardano’s ADA rose 0.4%. CoinDesk Market Index (CMI) saw a 0.19% decrease, pointing to various tokens suffering losses.

The Israel-Hamas conflict entered its third day on Monday, following Hamas’s early missile attack on Israel on Saturday. Investors think this conflict could cause a supply disruption. The fear of the conflict spreading to neighboring countries like Iran seems to be influencing oil prices.

The chief investment officer of energy investment firm Bison Interests, Josh Young, told CNBC: “There could potentially be dramatic effects in the oil market if the US applies export sanctions to Iran,” He added, “It’s possible that we could see an increase of about $5 in oil for WTI.”

WTI Crude Oil increased 3.23% since Sunday, bringing its quarterly gains to 16%. There was also approximately a 3.5% increase in Brent Crude Oil.

Asia’s stock markets saw a decrease after Monday’s opening. In India, Sensex fell 0.69%, Shanghai Composite 0.44%, and Singapore Strait Times Index dropped 0.2%. The pre-market futures contracts in the US pointed to losses. Dow Jones Index lost 0.77% and the tech-heavy Nasdaq 100 Index experienced a 0.86% loss.

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