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This is John Batchel.

A conversation with colleague David Daud about Hezbollah's source of munitions, arms, and money, especially money.

Is it all from Iran? David explains very carefully that it is not, and that is a strength of Hezbollah.

And what attaches Hezbollah to Iran, it's not the money. David explains.

Hezbollah, a very, very effective actor and reawakening now after the strikes of the last two years by Israel.

Here's David Dalyut. More of this tonight.

So I've seen some reports about Hezbole using crypto, but I don't know about all that.

Look, for Hezbollah, what they want is to have untraceability.

And it's not, again, I think we make a mistake when we've never looked at Hezbollah's books, right?

Hezbollah has never opened up the ledger and we've gone through their accounting and seen say what percentage comes from Iran versus what percentage that Hezbollah is able to

fundraise for itself and the genius, if you will, of the Iranian model is that the linkage

between proxy and patron is not dependent upon material support, right? So if the weapons and the

funds stop tomorrow,

Hezbollah is going to remain loyal to Iran

because the linkage is ideological.

...