Blockchain analytics firm Arkham has published a public, searchable map of crypto wallets linked to Iran's central bank, exposing connections to the Islamic Revolutionary Guard Corps-Qods Force and Hezbollah. The map, released this week, draws on wallet addresses already targeted by U.S. sanctions — including two Tron-based wallets tied to Bank Markazi Jomhouri Islami Iran that the Treasury added to its Specially Designated Nationals list back in April 2024.
What the map reveals
Arkham's tool lets anyone trace funds flowing through wallets that authorities say are used by Iran's central bank to move money around sanctions. The wallets hold TRC-20 tokens — mostly USDT — on the Tron network. The map links those wallets to intermediary addresses, brokers, cross-chain bridges, and DeFi protocols that Iran uses to obscure where its crypto comes from. It's a layered system, and Arkham just made it visible to anyone with an internet connection.
Sanctions and frozen funds
U.S. authorities have already acted on some of these wallets. They froze roughly $344 million in crypto assets tied to Iran's central bank through the sanctioned addresses. Tether confirmed it froze those funds at the government's request. The move wasn't a surprise — the Treasury had already flagged the wallets more than two years ago — but the scale of the freeze is notable. It's one of the larger single actions against state-linked crypto holdings.
Iran's crypto footprint
Iran isn't a small player in crypto. According to estimates from TRM Labs and Chainalysis, the country's total crypto transaction volume hit $11.4 billion in 2024 and $10 billion last year. That's a lot of money moving through a system designed to bypass financial isolation. The country is also exploring crypto-denominated tolls for ships passing through the Strait of Hormuz — a potential new revenue stream that goes beyond simple sanctions evasion.
Ongoing monitoring
TRON, Tether, and TRM Labs run the T3 Financial Crime Unit, which flags abuse and helps freeze funds tied to sanctioned groups. But there's a limit: TRON itself can't directly monitor transactions. The Arkham map adds a layer of public transparency that even the blockchain's operators don't provide. Whether that changes how Iran moves money — or just forces it to switch wallets — is an open question.
