- The National Bureau for Counter Terror Financing of Israel named 187 cryptocurrency addresses linked to Iran’s Revolutionary Guards.
- These addresses received $1.5 billion in the USDT stablecoin, with 39 addresses frozen by Tether.
- Elliptic updated its blockchain analytics to trace the listed addresses and prevent illicit transactions.
- The IRGC’s use of cryptocurrency has been under scrutiny, with recent related seizures and sanctions by U.S. authorities.
The National Bureau for Counter Terror Financing of Israel (NBCTF) has published a list of 187 cryptocurrency addresses that it alleges are connected to Iran’s Islamic Revolutionary Guard Corps (IRGC), designated as a terrorist group in several countries. This action aims to disrupt the IRGC’s financial activities facilitated through cryptocurrencies.
These identified addresses have collectively received $1.5 billion in Tether’s USDT stablecoin. However, it is not confirmed that all funds belong directly to the IRGC, since some addresses might be part of broader cryptocurrency service wallets. Of these, 39 addresses were blacklisted by the stablecoin issuer Tether on September 13, blocking further transactions and freezing about $1.5 million in USDT.
Following this, blockchain analytics firm Elliptic activated its Holistic technology to enable the screening and tracing of these addresses, helping users avoid processing related funds. This tool provides transparency into transaction flows, essential for identifying potential illicit activity.
Historically, cryptocurrency linked to the IRGC has been targeted by global authorities. The U.S. Department of Justice recently seized $584,741 from an Iranian national involved in manufacturing drone navigation systems allegedly used by the IRGC. Additionally, cryptocurrency addresses connected to IRGC associates were sanctioned for funneling $332 million to militant groups in Yemen.
In another notable event, over $90 million were stolen from the Iranian exchange Nobitex, which authorities have linked to the IRGC through use by sanctioned operatives. This incident highlighted the IRGC’s ongoing use of digital assets in various operations.
The open nature of blockchain technology allows for detailed tracking of these funds, assisting efforts by governments and industry to combat illegal financing while maintaining the security of digital asset systems.
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