The Great Cryptocurrency Escape: How Yemen’s Banks Got Ghosted and DeFi Took Center Stage

by
  • When Uncle Sam says “No more banking,” the Houthis say, “Hold my blockchain.” 💼💥
  • DeFi usage in Yemen soared a scrumptious 63% — because who needs banks that don’t like you?

“We’re going to keep spoiling the Houthis’ party by draining their wallets and their parts supply.”

To sweeten the sour punch, eight crypto wallets—some tied to Iranian Houthi benefactors—were blacklisted. Because what’s a sanctions party without a blacklist, right? 🎉

Yemen’s DeFi delight: Banks out, blockchain in

Meanwhile, TRM Labs, those blockchain watchdogs with a knack for drama, revealed over $900 million meandering from Houthi-linked wallets down the cryptographic rabbit hole into the hands of the blacklisted. If that sounds like a terrorist hotspot on the crypto roadmap, well, you’re spot on. Hamas and ISIS are apparently old fans of this digital dance.

With financial services tangled like last season’s Christmas lights, Yemeni diaspora remittances took a nosedive. The locals, ever resourceful, turned to DeFi platforms like debutantes at a ball — flourishing with a 63% uptick. Bravo, DeFi! 👏

TRM Labs put it poetically:

“Most Yemenis dealing with cryptocurrencies prefer their financial rendezvous on DeFi turf—commanding over 63% of the web traffic in this sphere.”

Yemen Crypto Surge

And if you thought this was a Yemeni-only fiesta, think again. TRM Labs predicts Iraq will join the crypto conga line as sanctions tighten their grip. Apparently, Yemen might even buddy up with Iran’s tech wizards to navigate these blockade blues through digital assets—because when life gives you sanctions, you blockchain the hell out of it. 🍸

Read More

2025-04-19 10:22