Uncovering the Houthi Shadow Economy
- Wikistrat
- 1 day ago
- 1 min read
When Houthi-controlled websites began secretly hijacking visitors' computing power to mine cryptocurrency in 2017, it seemed like a curiosity, a minor footnote in the broader Yemeni conflict. Eight years later, that experiment has evolved into a sophisticated financial machine processing hundreds of millions of dollars through stablecoins, shell companies, and exchanges from Moscow to Phnom Penh. A new Wikistrat report reveals how cryptocurrency has become the backbone of Houthi military financing, enabling the group to purchase drones and anti-ship missiles while the traditional banking system watches from the sidelines
The report was written by researcher Elham Makdoum as part of her internship program.
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