The US Treasury has imposed sanctions on crypto speeches related to Russia’s Garantex in its latest lawsuit against Houthis and its funding operations.
The U.S. Treasury Department’s Foreign Assets Control Office has imposed sanctions on eight cryptocurrency addresses used by Houthi foreign terrorist organizations to fund activities such as arms procurement and sanction avoidance.
Data from blockchain forensics companies Chain Orisis and TRM Labs show that regulators have authorized six private wallet addresses and two deposit addresses for mainstream services. These transactions were primarily intended to support the group’s activities in Yemen and the wider Red Sea region.
Transfer data on the chain shows that Houthis has moved more than $45 million through Garantex, a Russian-based exchange.
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Garantex announced its closure in early March shortly after Tether Blacklist won nearly $30 million in Stablecoins. Two weeks later, Indian police arrested Aleksedi Beshkov, co-founder of Galantex, following an arrest warrant issued by the Patiara House Court in New Delhi. However, multiple reports later suggested that Garantex was not completely confused and had actually resurfaced with the new name Grinex.
According to TRM Labs, on-chain analysis shows “millions of dollars flowing to other high-risk and OFAC certified entities,” including Garantex and Sa’id Al-Jamal, Iran-based financial facilitators associated with both Houthis and the Islamic Revolution Guard Corps forces.
In late January, US President Donald Trump officially designated Yemen’s Hooty Movement, officially known as Ansal Allah, as a foreign terrorist organization, and along with Secretary of State Marco Rubio, he described the security of “the security of Middle Eastern Americans and personnel, as well as the stability of global maritime trade” as “the security of the Middle East.”
read more: OFAC is targeting Crypto Financiers linked to Hezbollah to disrupt Iran’s terrorist funds
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