On March 27, the US Treasury Department and its Office of Foreign Assets Control (OFAC) sanctioned the Palestinian news network Gaza Now due to accusations of supporting Hamas. The sanctions also included the designation of several cryptocurrency addresses connected to Gaza Now and its affiliates.

Among the crypto addresses designated by the Treasury were an empty Bitcoin address and two Ethereum addresses holding over $2,690 in ETH and other tokens. Additionally, five USDT addresses holding more than $10,350 were designated, with funds found in only two of the addresses. One of the USDT addresses was associated with Gaza Now founder, Mustafa Ayash.

The Treasury also imposed sanctions on Qureshi Executives, Aakhirah Limited, and their director, Aozma Sultana. However, no crypto addresses related to Sultana or the companies were designated.

The sanctions were imposed on Gaza Now for allegedly aiding Hamas in fundraising activities after the attacks on Israel on October 7, 2023. Al-Qureshi Executives and Aakhirah Limited were accused of financially supporting Gaza Now and advertising for them.

The Under Secretary of the Treasury for Terrorism and Financial Intelligence, Brian E. Nelson, stated that the Treasury is dedicated to cutting off Hamas' financial support for its terrorist activities.

The sanctions were implemented in coordination with the UK, who announced a full asset freeze separately. Individuals and entities in both countries are prohibited from conducting any business with the sanctioned parties or engaging in transactions involving their assets.

Elliptic, a blockchain analytics firm, reported in October 2023 that Gaza Now received $21,000 in cryptocurrency following the attacks, with $2,000 frozen by exchanges and $9,000 in USDT frozen by Tether.