Iran’s Elite Guards Accused of $21M Crypto Theft in Exchange Probe

Iranian military intelligence officials have been implicated in a massive cryptocurrency theft, allegedly stealing over $21 million in digital assets they were tasked with investigating. Court documents reveal members of the Islamic Revolutionary Guard Corps (IRGC) intelligence unit diverted seized crypto assets from the Cryptoland exchange into their own wallets while conducting an official corruption probe.

Two senior IRGC economic intelligence officers, Mehdi Hajipour and Mehdi Badi, have been identified as the scheme’s masterminds, according to court filings reviewed by Iran International. Blockchain analysis presented in the report demonstrates Hajipour’s wallets processed more than $21 million worth of BRG tokens, Cryptoland’s native cryptocurrency.

The financial transformation was stark. Before participating in the scheme, Hajipour’s total assets were valued at approximately $40,000. Within just four months, his wealth ballooned to over $14.2 million (600 billion rials), which he reportedly converted into Gold, premium real estate, and luxury vehicles.

Authorities arrested Hajipour in March 2022 during a sting operation after he accepted a $10,000 bribe from Sina Estavi, Cryptoland’s CEO. Estavi believed he was repurchasing stolen tokens from an independent third party, but the identity had been fabricated by Hajipour himself. Following his arrest, Hajipour was imprisoned in a facility reserved for IRGC personnel and denied an appeal in September 2022.

The operation extended beyond the two lead officers. According to the investigation, the network included at least two additional IRGC interrogators—Majid Jahan Parto and Majid Tabatabaei—along with four others who allegedly created fraudulent documentation to legitimize the illicit transactions.

Badi, who operated under the alias “Dr. Ebadi,” has family ties that raise concerns about potential institutional protection. The report notes he is the nephew of a former high-ranking IRGC official, fueling speculation about a possible cover-up.

The case originated in May 2021 when authorities arrested Estavi on charges of “disrupting the economic system” and embezzling $20 million. Estavi had gained international notoriety for purchasing Twitter co-founder Jack Dorsey’s first tweet as an NFT for $2.9 million. Following his arrest, Cryptoland collapsed, triggering investor complaints from over 51,000 Iranians who had funds on the platform.

In 2023, the Iranian judiciary sentenced Estavi to 15 years imprisonment, 75 lashes, financial penalties, and a permanent ban from public service roles. Despite these harsh penalties and a travel prohibition, Estavi managed to escape Iran. A video later emerged showing him in France, and Iranian judicial authorities confirmed his departure “in violation of legal prohibitions.”

While Estavi reportedly repaid $14 million to approximately 24,000 users, more than 25,000 investors remain without compensation for their losses.

This case represents part of a broader pattern of cryptocurrency-related criminal activity involving Iranian nationals. Earlier this month, the U.S. Office of Foreign Assets Control (OFAC) sanctioned Behrouz Parsarad, an Iran-based operator of the Nemesis darknet marketplace, for overseeing nearly $30 million in narcotics sales. Parsarad allegedly controlled the platform’s cryptocurrency wallets, collected a percentage of each transaction, and continues seeking ways to revive the operation.

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