Houthis used $900 million in crypto to bypass US sanctions, says TRM Labs
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Blockchain intelligence firm TRM Labs has reported that eight crypto addresses linked to the Yemen-based Houthi group have moved over $900 million in cryptocurrencies to high-risk entities. According to the firm, the funds were likely spent on weapons and other military equipment. TRM Labs disclosed this in its recent report, which analyzed the Houthis’ crypto activity and their efforts to evade the US sanctions. Per the report, these eight addresses are the ones that the US Treasury’s Office of Foreign Assets Control (OFAC) added to its Specially Designated Nationals and Blocked Persons (SDN) List on April 2. Transaction flow for Houthis sanctioned addresses (Source: TRM Labs) In its analysis of transaction flows from the addresses, TRM discovered over $900 million in outflows to various sources, including addresses associated with OFAC-sanctioned Iran-based financier Sa’id al-Jamal. The addresses also sent money to a Russian broker with ties to a Chinese manufacturer of unmanned aerial vehicles and anti-UAV equipment. Based on these transactions and the improvement in the Houthis’ UAV and anti-UAV capabilities in recent years, the blockchain intelligence firm concluded that the group has been using crypto to buy drones and other military equipment. Houthis are increasingly using crypto to evade sanctions The Houthis are a political and armed group governing most of Yemen since 2014. However, the group has reached international prominence in recent years for targeting commercial ships in the Red Sea as retaliation against Israel’s actions in Gaza. In response to the group’s actions, the US has designated it as a Foreign Terrorist Organization (FTO) while deploying economic sanctions and military warfare against the group. With its financial infrastructure now facing pressure from sanctions, the Houthis appear to have increased their reliance on crypto. This move is not surprising given how several US-sanctioned groups have turned to crypto in…
Filed under: News - @ April 18, 2025 1:21 pm