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The Morning Risk Report: Hamas Militants Behind Israel Attack Raised Millions in Crypto
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Good morning. Hamas’s lightning strike on Israel last weekend has raised the question how the group financed the surprise operation. One answer: cryptocurrency.
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Funding through crypto: During the year leading up to the attacks, three militant groups—Hamas, Palestinian Islamic Jihad and their Lebanese ally Hezbollah—received large amounts of funds through crypto, according to a review of Israeli government seizure orders and blockchain analytics reports.
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Part of the attack force: Militants from the PIJ joined Hamas on Saturday in storming into Israel from the Gaza Strip, killing some 900 civilians and abducting at least a hundred more. At least 700 Palestinians have died since Israel retaliated with a wave of attacks on Gaza.
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Direct links to recent conflict unclear: It couldn’t be determined whether the crypto they received was directly used to finance the assault. It also couldn’t be determined how much crypto Israeli authorities seized from the wallets. Researchers said that would likely have been a small percentage of the overall amount of funds that flowed through them.
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What Israel did in response: Israeli police said Tuesday that they froze further crypto accounts used by Hamas to solicit donations on social networks, part of a continuing effort to locate the “financial infrastructure in cryptocurrencies used by terror entities to fund their activities.”
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Sanctioned groups: All three militant groups have been designated foreign terrorist organizations by the U.S. government and are subject to sanctions by the Treasury Department, limiting their access to the international banking system. Anyone found transacting with those entities risks criminal prosecution and being targeted with sanctions themselves.
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Content from our Sponsor: DELOITTE
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The Dirt on Legal Data—and How to Clean It
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Data is the lifeblood of many organizations, and vigilance related to data quality can help CLOs make strategic decisions while reducing risk and enhancing the legal function’s digital capabilities. Keep Reading ›
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WSJ Pro Sustainable Business Forum
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The WSJ Pro Sustainable Business Forum on Oct. 12 will include a discussion about risk and resilience in corporate sustainability programs with Maryam Golnaraghi, director of climate change and environment at The Geneva Association, and Torolf Hamm, head of physical catastrophe and climate risk management at Willis Towers Watson.
Other sessions will cover reporting to U.S. and European standards, the role of artificial intelligence and what corporate decarbonization measures are proving effective. Register here.
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Mallinckrodt was allowed to keep manufacturing opioid painkillers as part of a deal negotiated during the drugmaker’s first bankruptcy. PHOTO: GEORGE FREY/REUTERS
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Mallinckrodt bankruptcy plan gets approval, will wipe out $1 billion in opioid payments.
Mallinckrodt, one of the largest manufacturers of prescription opioids in the U.S., received court approval for a plan that wipes out more than $1 billion of payments meant for addicts while handing control of the pharmaceutical company to its lenders.
This is a setback to governments and individual addicts who filed lawsuits seeking compensation from drugmakers for their role in the opioid crisis. The legal fight stretches back nearly a decade, when more than 3,000 lawsuits from states, Native American tribes and counties alleged the drugmakers, pharmacies and distributors played down the risk of painkillers and didn’t stem their flow.
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President Biden has been interviewed by the special counsel probing why classified documents ended up at his home and an office he once used, the White House said Monday.
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The Trump Organization’s longtime finance chief Allen Weisselberg took the witness stand Tuesday and said under questioning that the real-estate empire’s financial statements inflated the value and size of some assets, including Donald Trump’s penthouse in Trump Tower.
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As part of its quest to gain access to minerals critical to the energy transition, the U.S. has recently considered a plan to drop sanctions against an Israeli mining magnate accused of corruption, according to people familiar with the matter.
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China released an Australian journalist whom it had detained for more than three years on suspicion of disclosing state secrets, removing a key irritant in a tense relationship between a close U.S. ally and Beijing.
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For years, Israel has been caught between its wish to rid itself of Hamas and the reality that removing it from Gaza could require a long war. PHOTO: MOHAMMED SABER/EPA/SHUTTERSTOCK
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Israel sought to contain Hamas for years. Now it faces a potentially costly fight to eliminate it.
For years, Israel’s government pursued a policy of containment against Hamas, using a mix of economic incentives and military force to keep the Palestinian militant group that runs Gaza in check and protect Israeli citizens from violence.
After last weekend’s deadly attacks, which killed hundreds of Israeli civilians, policy makers are adopting a new approach toward a group that the U.S. and Israel have designated a terrorist organization: eradication.
Israel has long been caught between its desire to rid itself of Hamas—which is backed by Iran and openly committed to Israel’s destruction—and the reality that removing it from Gaza could require a long war and potentially cost many lives.
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Finland and Estonia see likely sabotage in damage to pipeline and telecoms cable.
Finland and Estonia said damage to a natural-gas pipeline and communications cable linking the two North Atlantic Treaty Organization members likely resulted from sabotage, rekindling concerns about the safety of Europe’s critical infrastructure.
The Nord Stream blasts exposed the vulnerability of Europe’s infrastructure to physical attacks, spurring governments to protect the pipelines, energy grids and natural-gas terminals that keep Europe’s lights on and homes heated.
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A sustained rise in long-term Treasury yields could be bringing the Federal Reserve’s historic rate hiking cycle to an anticlimactic end.
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Even before the raise they are striking for, Detroit’s unionized auto workers are probably the best paid in the world after factoring in benefits such as healthcare. Their employers can afford it for now, but high labor costs box them in strategically.
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Some municipal-bond funds are suffering their worst stretch since the 2008-09 financial crisis, an acute example of how two years of rising interest rates have slammed investors’ portfolios. Closed-end municipal-bond funds have been particularly hard-hit.
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Consumers’ desire for companies to weigh in on current events and sociopolitical topics has fallen as brands such as Bud Light increasingly find themselves caught in the culture war crossfire, according to new research conducted by Gallup and Bentley University.
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Jason Lee, chief information security officer at Splunk, says generative AI could help analyze malware, but results need careful fact-checking.
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PHOTO ILLUSTRATION BY RACHEL MENDELSON/THE WALL STREET JOURNAL, ISTOCK (3)
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No, you aren’t getting a bonus. Your company is just testing you.
JuSong Baek remembers the email all too well. In early September, he opened his work inbox to amazing news: He was officially off the wait list for Taylor Swift’s Eras Tour—he could buy tickets for her Toronto show.
But just before the 26-year-old product designer clicked on the link, he remembered something: He didn’t use his work email to register with Ticketmaster. It was a phishing test from his employer.
What once began with Nigerian princes asking for help in exchange for riches has become far more sophisticated social engineering, and companies are rising to the threat by getting creative in their training. These simulated phishing emails promise bonuses, gift cards and yes, once-in-a-lifetime concert tickets. The practice has left some employees chuckling, and others wary about the lines companies might cross to test someone’s cybersecurity competence.
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