Houthis Use $900 Million in Cryptocurrency to Evade US Sanctions

A recent report by blockchain intelligence firm TRM Labs has revealed that the Houthis, a political and armed group controlling Yemen since 2014, have utilized over $900 million in cryptocurrency to circumvent US sanctions. The report examined transactions linked to eight specific addresses associated with the Houthis and found evidence of funds being directed towards high-risk entities, including those sanctioned by the US Treasury’s Office of Foreign Assets Control (OFAC). These illicit financial flows are believed to have been used for weapons procurement and other military equipment purchases.