Crypto Community Rallies Amidst Israel-Hamas War

On Saturday, the Israeli nation experienced a shock as Hamas terrorists launched a massive attack near the Gaza border, resulting in over 260 deaths at a music festival. Among the casualties was a student of Ben Samocha, the CEO of CryptoJungle, an Israeli crypto educational resource. As he tried to fit in an interview with CoinDesk, rocket warnings constantly interrupted him.

Ben Samocha’s experience echoes the sentiments of many in the Israeli crypto industry. Despite the unparalleled crisis:

• Many remain operational, adapting to remote working conditions.

• Personal lives are severely affected by reports of bare supermarket shelves, security scares, and an overall atmosphere of stress.

“We’re very aware that even in this unimaginable period, life needs to continue,” mentioned Guy Itzhaki, the CEO of Fhenix.

A Resilient Crypto Community in the Face of Adversity

The recent attacks have deeply impacted the nation’s psyche, disrupting not only daily life but also the operations of many businesses. Especially, the country’s thriving tech sector, which comprises approximately 14% of the total workforce, is feeling the pressure.

However, the crypto community’s response has been noteworthy:

• Crypto Aid Israel Initiative: Several crypto firms, including MarketAcross and Collider Ventures, formed a global fundraiser called “Crypto Aid Israel.” The aim? To support displaced citizens requiring humanitarian assistance.

• Volunteer Efforts: Crypto companies have engaged in volunteering activities, from blood donations to collecting food and clothing for the affected.

Crypto Aid: Details and Impact

The Crypto Aid Israel initiative is a collaborative effort of several cryptocurrency firms:

• Multi-sig Wallet: Managed by the Web3 alliance, the wallet can accept multiple cryptocurrencies and requires at least 4 out of 7 signatories for fund movement.
• Collaboration with Banks: Israeli banks and regulators are assisting in managing and transferring the assets to relevant nonprofits. These nonprofits are tasked with disbursing donations to affected families.
• Government Oversight: The organizations behind Crypto Aid Israel are in touch with various government agencies to ensure the proper handling and distribution of funds.

Crypto Aid in Historical Context

The crypto community’s involvement in times of crisis isn’t new. In early 2022, as CryptoPotato reported, crypto companies collaborated with Ukrainian officials to set up donation wallets during their war. The effort raised over $100 million for Ukraine’s military forces and humanitarian causes in the initial months.

Israeli Tech’s Pioneering Spirit

The resilience displayed by the Israeli tech and crypto communities in such tumultuous times is emblematic of Israel’s longstanding reputation as the “Start-up Nation”. This spirit of innovation and adaptability has historically been the country’s backbone, driving growth even in times of crisis.

• Remote Work Transition: Despite the physical disruptions, several companies have effortlessly transitioned to remote working environments, ensuring continuity in business operations.
• Support Systems: Numerous crypto businesses have adopted flexible work schedules, offering employees time to cope with personal challenges and assist in relief efforts.

Continuing the Fight: Both On-Ground and Online

While the crypto community continues to contribute, the larger war rages on. Since the attack’s onset, over 1,000 Israelis have lost their lives, with kidnappings and injuries escalating daily.

Businesses are reshuffling, and many employees from the crypto sector have been summoned for reserve army duties. Others are participating in volunteer activities or supporting their affected families.

Despite these trying times, the belief in the longevity of blockchain and cryptocurrency remains strong. As Samocha asserts, “Crypto is here to stay… and we will be here to provide it.”

In a war-ravaged landscape, the collaboration between the tech community and humanitarian efforts is a beacon of hope. While the nation grapples with loss and destruction, the Israeli crypto community’s endeavor to bring about positive change showcases resilience in the face of adversity.