On April 2, 2025, The United States Department of the Treasury's Office of Foreign Assets Control (OFAC) Sanctioned A Network of Financial and Logistical Facilitators Tied to the Iran-Backed Houthis, Also Known as Ansarallah. OFAC Identified Eight Cryptocurrency Wallets used to support the houthis' Weapons, Commodities Procurement, and Sanctions Evasion Efforts. The Network, Which Includes Russia-Based Actors and Shipping Companies, Has Facilitated The Movement of Arms, Stolen Ukrainian Grain, and Millions of Dollars in Illicit Payments in Support of the Houthis' Destabilizing Activities in Yemen and the Broade Red Sea Region.
In this blog, we'll look at Howhis Operate, Review the on-chain Activity of the Eight Designated Crypto Addresses, and discuss what this for the Fight Against Terrorist Financing.
A Closer Look at the Houthi-Russia Weapons Procurement and Shipping Nexus
TODAY's sanctions Target Russia-Based Afghan Nationals, Hushang and Sohrab Ghairat, Who Have Facilitated Commercial Operations On Behalf of the Houthis, and Particularly Sa'id al-Jamal, Who Had Cryptocurrency Addresses included in His December 2024 Sanctions Designation. Acting Under Al-Jamal's Direction, The Ghairat Brothers Orchestrated Shipments of Arms and Stolen Ukrainian Grain, Moving Goods from Crimea to Yemen via the Russian-Flagged Vessel, Am theseus (ALSO KNOWN AS Zafar).
The Ship's Owner, Hong Kong-Registered AM Asia M6 Ltd., and Its Two Captains-Russian Nationals Vyacheslav Vladimirovich Vidanov and Vladimirovich Belyakov-Were Also Sanctioned. These Actors Played Direct Roles in the Logistics Enabling Houthi Access to Sensitive Commodities.
Sohrab Ghairat also Holds leadership positions in Three Russian Companies – LLC Sky Frame, LLC Edison, and LLC Kolibri Group – All of which Ofac Designated for Being Under His Control.
The Houthis' On-Chain Activities
Included in Today's Sanctions Designations Are Eight Crypto Wallets Controlled by the Houthis, Including Six Private Wallet Addresses and Two Deposit Addresses at Mainsstream Services that have moved nearly $ 1 Billion in Illicit Funds. The Houthi Network's On-Chain Activities are consist of with details include in Ofac's Designation, Such as Heavy Movement of Funds Between the Houthi Wallets and the Wallets Belonging to Al-Jamal, as well as to Russian Counterparts.
Further, The Houthis Moved More Than $ 45 million through Several Deposit Addresses at OFAC SDN Guarantor, and Processed Nearly $ 2.5 million Total Involving Wallets Designated by Israel's National Office for Counter Terror Financing (NBCTF) – Including Addresses Iddresses Iddresses Facilitating Activity on Behalf of Hamas, Therefore Further Highlighting Iranian Proxy Networks Supporting Both Hamas and the Houthis. In the Chainalysis reactor graph below, we see that houthi wallets also heavoy leverage several mainstream exchanges, with cash-out points at those services receiving more than $ 200 million in the aggregate.
Crypto's Role in Terrorist Financing Under Greater Voter
OFAC's actions Today are part of a wider United States Strategy to Cut Off Financial Lifelines to the Houthis, Which was a group Designated in February 2024. While the houthis have long relied on state sponsors like Iran, their growing ability to leverage actors, Cryptocurrency, and Global Shipping Networks represents an Evolving Threat.
By Targeting the Financial Infrastructure That Enables Missile Attacks, Drone Strikes, and Disruptions of Regional Security and International Commerce in the Red Sea, OFAC is Reinforcing that Terrorist Financing – Whether Facilitated by Crypto or not – Will Face Susained Pressure.
We will continue monitoring this network and provide updates when possible.
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