The US Treasury Department sanctioned eight cryptocurrency wallet addresses linked to Russian crypto exchange Garantex and the Yemeni political and military organization the Houthis.

The United States Office of Foreign Assets Control (OFAC) sanctioned eight crypto addresses that data from blockchain forensic firms Chainalysis and TRM Labs had linked to the organizations. Two are deposit addresses at major crypto platforms, while the other six are privately controlled.

Visualization of transaction flow related to OFAC sanctions. Source: Chainalysis

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 decentralized platforms may face increased scrutiny.“

Demchuk highlighted that the situation reshapes the regulatory landscape. According to him, crypto “is now firmly within the scope of international security.

Who are the Houthis?

The Houthis, also known as Ansar Allah, are a Yemeni political and armed movement that emerged from the Zaidi Shia community. Originating as a revivalist and reformist group, they later became a major force in Yemen’s ongoing conflict.

Related: US DOJ says it seized Hamas crypto meant to finance terrorism

In recent years, the Houthis have engaged in attacks against both military and civilian vessels in the Red Sea with missiles and drones. In January, US President Donald Trump designated the group as a foreign terrorist organization.

The announcement noted that “the Houthis’ activities threaten the security of American civilians and personnel in the Middle East, the safety of our closest regional partners, and the stability of global maritime trade.” The group was recently struck by a US bombing campaign.

Related: Binance claims’ no special relationship’ with Hamas, argues to dismiss lawsuit

Garantex: Russia’s crypto laundromat

Garantex is a Russian crypto exchange that was sanctioned and shut down in early March after purportedly helping money-laundering efforts. At the time, Tether — the leading stablecoin operator and issuer of USDt — froze $27 million in USDt on the platform, forcing it to halt operations.

The platform has reportedly shifted millions of dollars as it sought to reboot under its new brand, “Grinex.”

In mid-March, officials with India’s Central Bureau of Investigation announced the arrest of Lithuanian national Aleksej Bešciokov, who was alleged to have operated the cryptocurrency exchange Garantex.

The arrest of the alleged Garantex founder was based on US charges of conspiracy to commit money laundering, conspiracy to operate an unlicensed money-transmitting business and conspiracy to violate the International Emergency Economic Powers Act.

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Cryptocurrency listings have outperformed the average of traditional stock listings, despite recent community criticism regarding the manipulation potential of token listings on centralized exchanges.

Token listing procedures on centralized cryptocurrency exchanges (CEXs) drew significant controversy after Changpeng “CZ” Zhao, co-founder and former CEO of Binance, called the process flawed after disappointing performances of some token listings.

Despite the criticism, crypto exchanges have outperformed traditional stock exchanges in terms of listings with positive returns on investment (ROI) and average ROI, according to an April 3 CoinMarketCap report shared exclusively with Cointelegraph.

Over the past 180 days, crypto exchange listings had an average return of over 80%, outperforming the largest traditional stock indexes such as the Nasdaq and Dow Jones, as well as Bitcoin (BTC) and Ether (ETH).

CEX listings, top indexes, average ROI. Source: CoinMarketCap

The 80% return refers to the average performance of all listed tokens by the seven major exchanges, including Binance, Bybit, Coinbase, OKX, Bitget, Gate and KuCoin.

Moreover, 68% of crypto exchange listings boasted a positive ROI, outperforming the New York Stock Exchange’s (NYSE) 54% and the Nasdaq’s 51%.

Source: CoinMarketCap

“This data suggests that crypto exchanges have made progress in refining their listing,” the report said.

Related: 70% chance of crypto bottoming before June amid trade fears: Nansen

Cryptocurrencies listed on CEXs generally see high demand from investors as the exchanges provide significant new liquidity that can boost the coins’ price performances after listing.

Token-listing criteria on CEXs started garnering attention in November 2024, after Tron founder Justin Sun claimed that Coinbase allegedly asked for $330 million in total fees to list Tron (TRX), a surprising allegation since Coinbase claims to charge no fees for listing new cryptocurrencies.

Related: Trump-linked crypto ventures may complicate US stablecoin policy

Token listing performance still depends on broader market conditions: Binance

Recent investor disappointment with some token listings may stem from historic profit expectations due to the significant upside of numerous CEX-listed tokens.

Still, the returns of a cryptocurrency after listing depend on the wider market appetite, a Binance spokesperson told Cointelegraph, adding:

“Outcomes can vary depending on broader market conditions. As the industry matures, we’re seeing reduced volatility compared to earlier cycles — a shift that reflects greater stability and long-term sustainability in the crypto market.”

“Crypto investors’ expectations for new listings to perform well are understandable and often shaped by the historic success” of CEX listings, added the spokesperson.

Binance, the world’s largest crypto exchange, listed 77 cryptocurrencies throughout 2023 and 2024, with a 0% delisting rate.

Binance announced a community voting mechanism for token listings on March 9, to make the listing process more decentralized.

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Market makers’ blockchain transactions point to a potential $3 million arbitrage opportunity related to the depegging of the FDUSD stablecoin.

The First Digital US dollar-pegged stablecoin (FDUSD) depegged on April 2, after Tron founder Justin Sun claimed that the stablecoin issuer was insolvent.

Market marker Wintermute transferred over 75 million FDUSD tokens back to First Digital within a day since the stablecoin depegged to $0.87.

Source: Lookonchain

“Since $FDUSD depegged, #Wintermute has transferred 75M $FDUSD to First Digital Labs,” wrote blockchain intelligence platform Lookonchain, in an April 3 X post, adding:

“They likely bought $FDUSD at a discount during the depeg and redeemed it 1:1 through First Digital—making a solid profit.”

Source: Lookonchain

Wintermute with over 31 million FDUSD tokens from Binance right after the depegging occurred. “Assuming they bought $FDUSD near the bottom at $0.90, they would make over $3M when $FDUSD returned to the peg,” added Lookonchain.

Related: Bitcoin price can hit $250K in 2025 if Fed shifts to QE: Arthur Hayes

The selling patterns of market makers have been closely watched since February’s $2.24 billion crypto liquidation event, which saw large-scale selling from multiple market participants, including market makers.

Reasons for the crypto market crash. Source: Evgeny Gaevoy

However, the crypto market crashes of 2025 have been “directly linked to TradFi events,” such as DeepSeek and Trump’s tariffs, according to Evgeny Gaevoy, the founder of Wintermute.

Related: 70% chance of crypto bottoming before June amid trade fears: Nansen

First Digital: “Our stablecoin remains fully backed and solvent”

Despite the insolvency claims, First Digital assured users they are completely solvent and said that FDUSD is still fully backed and redeemable with the US dollar on a 1:1 basis.

“First Digital stands firm: Justin Sun’s baseless accusations won’t distract from Techteryx’s own failures— our stablecoin FDUSD remains fully backed and solvent,” wrote First Digital in an April 3 X post.

Source: First Digital

Still, some analytics tools have previously highlighted potential weaknesses in FDUSD’s stability, which was rated as 4 or “constrained” according to the S&P Global Ratings’ stablecoin stability assessment, shared with Cointelegraph on March 19.

Source: S&P Global Ratings

“Our stablecoin stability assessments range from 2 (strong) to 5 (weak) in terms of a stablecoin’s ability to maintain its peg to a fiat currency,” and “the quality of the assets backing the stablecoin is a critical driver of the final assessment,” an S&P Global Ratings spokesperson told Cointelegraph, adding:

“Weaknesses in other areas, including regulation and supervision, governance, transparency, liquidity and redeemability, and track record, contributed to those stablecoins with lower assessments.”

First Digital said it would take legal action against Sun’s false bankruptcy allegations, which led to the stablecoin’s depegging.

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