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The National Bureau for Counter Terror Financing in Israel (NBCTF) has released a report listing 187 cryptocurrency addresses it claims are linked to Iran’s Islamic Revolutionary Guard Corps (IRGC), an entity designated as a terrorist organization by the U.S., EU, U.K., and Canada.
According to the blockchain analytics company Elliptic, these addresses have collectively received $1.5 billion in USDT, which is Tether’s dollar-pegged stablecoin. However, Elliptic noted that it cannot confirm that all these funds are directly associated with the IRGC, as some wallets may belong to exchanges or services utilized by various customers.
The utilization of USDT subjects such wallets to one of Tether’s most effective compliance measures: blacklisting. Among the 187 addresses identified by Israel, 39 have been frozen by Tether as of September 13, halting further transfers totaling approximately $1.5 million in USDT.
The IRGC has been linked to illicit cryptocurrency activities for several years. Just last week, the U.S. Justice Department seized nearly $600,000 in USDT from an Iranian individual alleged to be developing drone navigation systems for the IRGC.
In December 2024, U.S. Treasury sanctions targeted wallets associated with IRGC networks that moved more than $300 million in stablecoins through an intermediary related to Yemen’s Houthis.
Furthermore, in June 2025, the pro-Israel hacker group Gonjeshke Darande (“Predatory Sparrow”) siphoned off $90 million from the Iranian crypto exchange Nobitex, which has been associated with IRGC operations, including ransomware attacks. The hackers “burned” the stolen cryptocurrency into vanity wallets decorated with anti-IRGC messages, and even disclosed Nobitex’s source code.
This hack was perceived as a significant blow to Iran, which has been accused of utilizing cryptocurrency to circumvent sanctions.
