The National Bureau for Counter Terror Financing of Israel (NBCTF) announced on Monday, September 15, the seizure of 187 cryptocurrency wallets allegedly tied to Iran’s Islamic Revolutionary Guard Corps (IRGC). The decision was published in an official notice on the Israeli government’s website.
How Cryptocurrencies Work
Cryptocurrencies allow money to be transferred worldwide without going through the traditional banking system. These transactions are recorded on a technology called blockchain, where each transfer is linked to wallet addresses — identifiers made up of letters and numbers — without directly revealing the owners.
Amount of Money Involved
According to blockchain analytics firm Elliptic, these wallets have processed about $1.5 billion in Tether (USDT) over the past 12 months.
However, the company stressed that it is not possible to confirm whether all the transactions were directly linked to the IRGC, since some addresses may have been used by cryptocurrency services for multiple clients.
Frozen Funds
Out of the 187 wallets, 39 were blacklisted by Tether on September 13, freezing approximately $1.5 million.
According to Tom Robinson, co-founder of Elliptic, the remaining wallets hold “very little” funds.
Tether, the company behind the USDT stablecoin, stated that it regularly cooperates with law enforcement agencies, including the NBCTF, to freeze illicit funds.
What Is the Islamic Revolutionary Guard Corps (IRGC)?
The IRGC is a military force separate from Iran’s regular armed forces but considered an official part of the state. Several countries and blocs — including the United States, Canada, the United Kingdom, and the European Union — classify the organization as a terrorist group.
Israel, for its part, regards Iran as its biggest threat in the Middle East and accuses the IRGC of financing militant operations across the region.
History of Iran’s Use of Cryptocurrencies
The IRGC’s connection to cryptocurrencies is not new:
December 2024: The U.S. Treasury sanctioned cryptocurrency addresses tied to Iranian national Sa’id Ahmad Muhammad al-Jamal, who allegedly diverted $332 million to Yemen’s Houthi group, in cooperation with the IRGC.
June 2025: The pro-Israel hacker group Gonjeshke Darande (“Predator Sparrow”) attacked the Iranian exchange Nobitex, stealing around $90 million. Elliptic and other blockchain analytics firms linked Nobitex to IRGC activities, including ransomware operations. The hackers burned the stolen funds in wallets marked with anti-IRGC messages and even leaked the exchange’s source code. The hack was seen as a major blow to Iran, which allegedly relied on cryptocurrencies to evade sanctions.
September 2025 (days before Israel’s order): The U.S. Department of Justice seized $584,000 in USDT from Mohammad Abedini, an Iranian businessman accused of supplying navigation systems used in IRGC military drones.
Israel’s Official Order
Israel’s Defense Minister, Israel Katz, justified the measure under the Counter-Terrorism Law 5776-2016, stating that the listed wallets are IRGC property or were used to finance terrorist crimes.
Main Source: The Jerusalem Post