The US Treasury Department, in a move that can only be described as a “crypto smackdown,” has sanctioned eight cryptocurrency wallet addresses. These wallets, you see, are linked to the infamous Russian crypto exchange Garantex and the Houthis, a Yemeni political and military organization that’s been making waves (and not the good kind) in the world of global conflict.
Now, hold on to your hats, folks. The United States Office of Foreign Assets Control (OFAC)—basically the crypto version of the world’s most serious hall monitor—has sanctioned these wallets after blockchain sleuths at Chainalysis and TRM Labs did some good ol’ detective work. Apparently, two of these wallets are “deposit addresses” on big-name crypto platforms, while the other six are privately controlled, which is basically like the crypto version of “doing business in the shadows.”
Apparently, these addresses have moved nearly $1 billion (yes, with a ‘b’) worth of funds linked to sanctioned entities. The bulk of this cash has, allegedly, gone to fund Houthi operations in Yemen and the Red Sea region. Quite the international mystery, huh?
Slava Demchuk, a crypto money laundering expert (because, naturally, that’s a job title now), said that “the inclusion of Houthi-linked wallets is like finally realizing crypto is more than just a ‘buy low, sell high’ game and is instead tangled up in geopolitics and, oh yes, terrorism financing.” He further added, with the enthusiasm of a cat at a bath:
“The implications are far-reaching — compliance frameworks must adapt swiftly, attribution efforts will intensify, and decentralized platforms may face increased scrutiny.”
Demchuk went on to explain that crypto is now firmly within the “international security” scope. What a party. 🍾
Who Exactly Are the Houthis? (Not the Hip New Band You Were Expecting)
The Houthis—also known as Ansar Allah (because why settle for one name when you can have two?)—are a Yemeni political and armed movement that emerged from the Zaidi Shia community. What started as a bit of a “let’s fix Yemen” campaign turned into a significant player in Yemen’s ongoing conflict. Spoiler alert: It’s not going well.
In recent years, the Houthis have been making headlines (and causing massive headaches) by attacking military and civilian vessels in the Red Sea using missiles and drones. In a move that left many wondering if the Houthis had a “How to Make Enemies” handbook, US President Donald Trump officially branded them as a foreign terrorist organization in January.
To quote Trump’s big announcement: “The Houthis’ activities threaten the security of American civilians and personnel in the Middle East, the safety of our closest regional partners, and the stability of global maritime trade.” And for a grand finale, the group got a US bombing campaign thrown at them. Talk about an unfriendly neighborhood.
Garantex: Russia’s Crypto Laundromat (With a Side of Suspicious Behavior)
Ah, Garantex. The Russian crypto exchange that had such a good time with money laundering that it almost didn’t want to stop. That is, until early March, when it got sanctioned and shut down faster than you can say “blockchain!” The exchange had reportedly been helping facilitate money laundering, a service no one asked for, but apparently some folks were eager to pay for. As a result, Tether (the stablecoin juggernaut) froze a whopping $27 million in USDt on Garantex, which is, let’s face it, the digital equivalent of a “no entry” sign. 🚫
But did Garantex go quietly? Oh, no. The platform has since tried to “rebrand” itself as “Grinex” (because if you can’t escape the consequences, just change your name and hope for the best, right?).
Meanwhile, in mid-March, Indian authorities arrested Lithuanian national Aleksej Bešciokov, who allegedly operated Garantex. He was arrested on charges ranging from conspiracy to commit money laundering to running an unlicensed money-transmitting business. Talk about a bad day at the office.
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2025-04-03 15:10