Blockchain analytics firm Arkham has publicly released a chain map believed to trace cryptocurrency wallets linked to Iran’s Central Bank (CBI). According to Arkham’s research on May 11, the revealed map opens two TRON (TRC-20) wallets—subject to US sanctions—to public and investigator scrutiny. These addresses were added by the US Treasury’s Office of Foreign Assets Control (OFAC) to the “Specially Designated Nationals” list on April 24, due to alleged ties to Iran’s Islamic Revolutionary Guard Corps Quds Force and Hezbollah. As a result, US authorities recognize them as assets belonging to the CBI.
Sanctions focus on TRON and Tether transactions
Arkham’s map spotlights how Iran-linked entities move funds outside the traditional banking sector by leveraging stablecoins and blockchain networks. As the US tightens sanctions related to terror financing and oil revenues, officials are scrutinizing the role of crypto infrastructure more closely. In this latest round of sanctions, US Treasury Secretary Scott Bessent said that $344 million in crypto assets tied to Iran had been frozen. Bessent emphasized that this effort systematically disrupts Tehran’s capacity to generate and transfer funds.
Tether, the stablecoin operator, also announced it froze assets linked to illicit activities at the request of US authorities, though its public statement stopped short of directly naming Iran.
The US Treasury stressed that international cooperation and greater transparency were being ramped up to counter Iran’s attempts to move funds through digital assets.
Arkham’s initiative aligns with broader industry efforts by blockchain analysis companies and stablecoin issuers to expose sanction-evading networks exploiting TRON and Tether-powered crypto systems.
Iran’s digital asset flows and prominent platforms
According to a Chainalysis note published April 27, Iranian oil revenues are cycled through intermediary wallets, brokers, cross-chain bridges, and decentralized finance (DeFi) protocols. Eventually, these flows are routed back to accounts associated with the Central Bank of Iran and the Revolutionary Guard.
A February report drawing on TRM Labs and Chainalysis data pegged Iran’s total crypto transaction volume at roughly $11.4 billion in 2024, with a projected decline to $10 billion in 2025.
In May, reports emerged that Iran’s top crypto exchange, Nobitex, was connected to prominent political families and functioned as a crucial bridge between local users and international markets. This has reignited debates over the role of crypto platforms in bypassing regulatory barriers.
Alternative revenue through digital assets
In April, it was reported that Iran was considering collecting fees in cryptocurrency from ships passing through the Strait of Hormuz, as part of an effort to create supplementary revenue streams outside conventional finance channels.
Meanwhile, according to Cointelegraph, Tether froze more than $500 million USDT across Ethereum and TRON in the past month, with $506 million specifically on TRON.
A TRON network spokesperson explained that the system does not enable direct monitoring or blocking of individual transactions. However, the T3 Financial Crime Unit—established in 2024 by TRON, Tether, and TRM Labs—helped coordinate the freezing of hundreds of millions of dollars in line with law enforcement efforts. Tether, for its part, declined to comment further.
