Iran’s Hidden Crypto Trails Exposed As Arkham Publishes Public Wallet Map
Blockchain analytics firm Arkham has created a public, searchable map of crypto wallets it associates with Iran’s central bank, a move that puts Tehran’s alleged digital holdings in full view of investigators and anyone curious enough to check.
How Iran Moves Money Through Crypto
The map focuses on two Tron-based wallets that were added to the US Treasury’s Specially Designated Nationals list on April 24. According to the Treasury, both addresses belong to Bank Markazi Jomhouri Islami Iran, the country’s central bank, and are linked to the Islamic Revolutionary Guard Corps-Qods Force and Hezbollah.
Around $344 million in cryptocurrency was frozen as part of the action, Treasury Secretary Scott Bessent said, explaining the goal was to cut off Tehran’s ability to generate, move, and repatriate funds. Stablecoin issuer Tether confirmed it had frozen the funds at the request of U.S. authorities, citing activity linked to unlawful conduct, while they didn’t name Iran directly in its public statement.
Arkham published its research on May 11, grouping the sanctioned addresses under a Central Bank of Iran entity page that it says can be used as a starting point to trace connected wallets and transaction flows. The firm said the wallets hold TRC-20 tokens is a token standard that runs on the Tron network and includes USDT, the world’s largest stablecoin.
A Layered System Built To Hide
The money trail is far from simple. According to Chainalysis, Iranian oil revenues passed through brokers, intermediary wallets, cross-chain bridges, and decentralized finance protocols before ending up in accounts connected to Iran’s central bank and IRGC-linked groups. The entire setup was built to cover its tracks, stacking each step to obscure its origins.
A TRON spokesperson said the network can’t directly track or block specific transactions but pointed to the T3 Financial Crime Unit — a 2024 partnership between TRON, Tether, and TRM Labs — as its main way of detecting abuse. The unit works with law enforcement to freeze hundreds of millions in funds tied to sanctioned groups and terrorism financing. Tether declined to comment separately.
Iran’s Crypto Activity Runs Deep
The exposed wallets are just one piece of a much larger picture. Based on estimates from TRM Labs and Chainalysis, Iran’s total crypto transaction volume reached roughly $11.4 billion in 2024 and $10 billion in 2025.
Iran is reportedly exploring the idea of charging ships passing through the Strait of Hormuz with tolls paid in cryptocurrency — a move suggesting that digital assets are being seen as a revenue source far beyond just avoiding sanctions.
