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US Treasury Dept Sanctions 8 Wallets Tied To Russian Crypto Exchange Garantex, Yemeni Houthis

Here are the latest developments from the world of crypto over the past few days

8 Wallets sanctioned by the US Treasury Dept

The US Treasury Department has sanctioned eight cryptocurrency wallet addresses linked to Russian crypto exchange Garantex and the Houthi rebels of Yemen. This came after Blockchain forensics firms, Chainalysis and TRM Labs, linked nearly $1 billion in fund transfer to the Houthis. Two of the eight crypto wallets were deposit addresses at major crypto platforms, while the other six were privately controlled.

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According to Cointelegraph, the addresses in question reportedly moved nearly $1 billion worth of funds linked to sanctioned entities. Most of the transactions funded Houthi operations in Yemen and the Red Sea region.

Slava Demchuk, a crypto-focused money laundering specialist and United Nations Office on Drugs and Crime consultant told Cointelegraph that “the inclusion of Houthi-linked wallets reflects a broader recognition of crypto’s role in geopolitical conflicts and terrorism financing”.

He added, “The implications are far-reaching — compliance frameworks must adapt swiftly, attribution efforts will intensify, and decentralised platforms may face increased scrutiny.”

Treasure DAO Announces Restructuring

Decentralised video game ecosystem Treasure DAO is restructuring as “a matter of survival” to extend its financial runway to at least February 2026. Treasure DAO’s chief contributor John Patten said in a video on social media platform X (formerly Twitter) that he has resumed a leadership role and is taking a plan to the DAO to streamline operations, eliminate unnecessary costs, and centre the organization around a few key projects.

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“I will introduce this after all of you provide your opinions at this time. I have my own thoughts, but we must make this decision as a community through long deliberation. The best ideas need to rise to the surface,” he said.

As part of cost-cutting to reduce Treasure DAO’s annual burn rate of $8.3 million, Patten says 15 contributors have either left or been laid off, and game publishing support and the treasure chain will be terminated. At the same time, he is proposing to withdraw an idle $785,000 from the market maker Flowdesk to increase the DAO’s treasury.

US House Committee Passes Stablecoin-Regulating STABLE Act

The US House Financial Services Committee has passed the Stablecoin Transparency and Accountability for a Better Ledger Economy, or STABLE Act with a 32-17 vote on April 2, 2025.

The Bill was originally introduced on February 6, 2025 by committee Chair French Hill, while chair of its Digital Assets Subcommittee, Bryan Steil reportedly drafted it with the help of the world’s largest Stablecoin issue, Tether.

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The Bill has previously come in for criticism. During an earlier mark-up session, the committee’s leading Democrat, Maxine Waters, who later voted against the Bill, had said that US President Donald Trump could use the Bill to allow his family’s Stablecoin to be used in government payments and argued the bill validates Trump “and his insiders’ efforts to write rules of the road that will enrich themselves at the expense of everyone else.”

In late March, the Trump family’s World Liberty Financial crypto venture launched a Stablecoin, World Liberty Financial USD (USD1). Meanwhile, the US Housing Department, which oversees social housing, was reportedly looking to experiment with using Stablecoins for some of its functions.

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