The United States government has placed new sanctions on eight cryptocurrency wallet addresses. These wallets are linked to the Houthi movement in Yemen and a Russian crypto exchange known as Garantex. According to U.S. officials, the wallets were used to move nearly $1 billion in funds, many of which helped finance Houthi military operations in Yemen and the Red Sea region.
The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced the sanctions after blockchain forensic firms Chainalysis and TRM Labs confirmed the connection. Among the eight addresses, two belong to large crypto platforms, while six are privately controlled wallets.
Experts say this move shows how digital currencies are now part of international conflicts. Slava Demchuk, a specialist in money laundering and a consultant for the United Nations, said that including Houthi-linked wallets in the sanctions proves that crypto is playing a bigger role in terrorism and global security.
Demchuk also warned that crypto regulations must now be stronger. Governments and crypto companies will need to act fast, improve their systems, and prepare for more investigations. According to him, this marks a new era where cryptocurrencies are no longer just financial tools but also security risks.
The Houthis, also called Ansar Allah, are a political and armed group from Yemen. They come from the Zaidi Shia Muslim community. The group started with religious and social goals but later became a powerful force in Yemen’s long-running conflict.
In recent years, the Houthis have carried out attacks using drones and missiles. Their targets include both military and civilian ships in the Red Sea. Because of these activities, the U.S. government has labeled them a foreign terrorist organization, saying they pose a threat to American lives, regional allies, and global trade.
Garantex is a Russian crypto exchange that was already under investigation. It was officially sanctioned and shut down in early March for helping criminals launder money. Around the same time, Tether, a major stablecoin company, froze $27 million in funds held on the platform. This move forced Garantex to stop its operations.
However, reports say Garantex tried to restart under a new name, “Grinex,” and continued to move millions of dollars. In mid-March, India’s Central Bureau of Investigation arrested a Lithuanian national named Aleksej Bešciokov. He is believed to be the founder of Garantex.
Bešciokov now faces serious charges from the U.S., including conspiracy to commit money laundering, running an unlicensed money transfer business, and breaking the International Emergency Economic Powers Act.
The U.S. sanctions against these crypto wallets highlight the growing role of cryptocurrency in global conflicts and crime. As digital currencies become more common, governments around the world are taking stronger actions to control how they are used. The recent sanctions show that the U.S. is watching closely and ready to act when cryptocurrencies are used to fund terrorism or break international laws.
As increasing scrutiny is directed towards the crypto industry, prominent companies like Coinbase Global Inc. (NASDAQ: COIN) are likely to institute proactive measures that they update continuously with a view to staying safe from being caught wrong-footed when illegal actors like money launderers are hunted by authorities around the world.
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