US Treasury Targets Houthi Crypto Wallets, Financial Network

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has identified eight digital asset wallets used by the Houthis to transfer funds associated with their activities. OFAC also designated several individuals and entities as part of a network of Houthi financial facilitators and procurement operatives. Allegedly backed by Iran’s Islamic Revolutionary Guard Corps-Qods Force, the network is accused of procuring tens of millions of dollars’ worth of commodities from Russia, including weapons and sensitive goods, as well as stolen Ukrainian grain. U.S. officials said this action aims to degrade the Houthis’ ability to threaten the region through their destabilizing activities. According to OFAC, the designations require all property and interests in property of the designated individuals and entities that are in the United States to be reported to it.