Israel Claims Iran's Revolutionary Guard Holds $1.5B in Stablecoins

Israel has flagged 187 cryptocurrency addresses allegedly linked to the Islamic Revolutionary Guard Corps (IRGC), a group sanctioned and designated as terrorist by several countries, including the US, EU, UK, and Canada.

The Alleged Stash of $1.5B in USDT

Blockchain analytics firm Elliptic has confirmed that these 187 addresses collectively received approximately $1.5 billion in USDT (Tether's dollar-pegged stablecoin) since September 2023.

However, Elliptic warned that it cannot verify with certainty that all of these funds are directly connected to the IRGC, as some wallets may belong to exchanges or services used by multiple customers. The use of USDT exposes such wallets to one of Tether's most powerful compliance tools: blacklisting.

A History of Illicit Crypto Activity

Iran's Revolutionary Guard has been tied to illicit crypto activity for years, with several high-profile incidents and seizures in recent months.

In December 2024, the US Justice Department seized nearly $600,000 in USDT from an Iranian national accused of building drone navigation systems for the IRGC. In June 2025, the pro-Israel hacker group Gonjeshke Darande ("Predatory Sparrow") stole $90 million from Iranian crypto exchange Nobitex, which Elliptic and others have linked to IRGC activities including ransomware operations.

The Latest Move by Israel

Israel's National Bureau for Counter Terror Financing has published the list of 187 cryptocurrency addresses allegedly linked to the IRGC. Of these addresses, 39 had already been frozen by Tether as of September 13, preventing further transfers of roughly $1.5 million in USDT.

This latest move is seen as a significant development in Israel's efforts to counter Iran's alleged use of crypto to evade sanctions. The use of stablecoins like USDT has become increasingly popular among cryptocurrency users worldwide, but these transactions are now subject to stricter regulations and monitoring.