OFAC Said Seized Wallets Were Iranian; Analysis Finds Other State Actors More Likely

Multiple wallet addresses recently sanctioned by the US Treasury ‌Department for their ties to Iran may not be linked to the Islamic Republic, but to other state actors instead, analysis published Sunday suggests.

That analysis, by blockchain intelligence firm Nominis, said that while the recent seizing of wallets holding more than $340 million by Treasury’s Office of Foreign Assets Control (OFAC) was a significant crypto enforcement event, some of those wallets’ characteristics lack a similarity to previously seized wallets linked Tehran.

“While the use of cryptocurrency by the Islamic Revolutionary Guard Corps (IRGC) is well established, this case presents structural and behavioral characteristics that diverge meaningfully from previously observed patterns,” said Nominis CEO Snir Levi.

He said that IRGC-linked wallets have shown some consistency in their operations, including that the funds are distributed across multiple wallets, individual wallet balances are kept relatively low — typically a few million US dollars, holdings aren’t retained for extended periods and activity is structured to minimize exposure to seizure or freezing mechanisms.

“The behavioral divergence observed in this case raises a critical question: To what extent does the frozen $340 million reflect direct IRGC control, versus infrastructure that overlaps with broader, potentially foreign, financial networks,” Levi said.

June 2025 FinCEN Advisory on Iranian Shadow Banking Networks. Source: US Department of the Treasury’s Financial Crimes Enforcement Network

He said the implications for compliance teams could be that static typologies are no longer sufficient and behavioral analysis and clustering are critical for identifying risk.

“Most importantly, this case highlights that even well-documented actors such as the IRGC and potentially Chinese state-actors are continuing to evolve their use of blockchain infrastructure,” the Nominis founder said.

Related: Iran views BTC as strategic asset, but USDt still dominates oil tolls: BPI

Operation Epic Fury targets crypto for maximum US economic pressure

The United States has seized nearly $500 million in Iranian cryptocurrency assets as part of Operation Epic Fury, a sweeping economic pressure campaign against Tehran, Treasury Secretary Scott Bessent said last Wednesday.

“We are freezing bank accounts everywhere. More importantly, we are making people less willing to deal with the regime,” Bessent said during an appearance on Fox Business’s “Kudlow,” adding that retirement funds and overseas real estate held by Iranian officials are also being targeted.

Source: Treasury Secretary Scott Bessent, verified X account

The $500 million figure cited is much higher than the $344 million in seized crypto assets previously disclosed. A week earlier, Bessent announced that OFAC had sanctioned several crypto wallets tied to Iran, with stablecoin issuer Tether confirming it had frozen more than $344 million in USDt (USDT) at the request of US authorities.

Bessent said Operation Economic Fury has taken a toll on Iran’s economy. One of the country’s largest banks collapsed in December, and its currency has fallen 60 to 70% against the US dollar. “They’re in the middle of a currency crisis,” he said.

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