IRGC Transfers $1 Billion via Cryptocurrency to Evade Sanctions
Written by Ohris M. Greyoon, Blockchain & Crypto Expert
- Scale of Fund Transfers: Since 2023, the Iranian Revolutionary Guard Corps has transferred approximately $1 billion through UK-registered cryptocurrency exchanges, indicating a strategic intent to utilize cryptocurrencies to circumvent international sanctions.
- Surge in Transaction Volume: According to TRM Labs, IRGC-related transactions amounted to $24 million in 2023, skyrocketed to $619 million in 2024, and accrued an additional $410 million in 2025, demonstrating Iran's positioning of the crypto market as a shadow banking system to counter sanctions.
- Exchange Interconnectivity: The exchanges Zedcex and Zedxion were found to operate as different brands of a single operation, with 56% of the total transaction volume originating from IRGC-linked wallets, highlighting their covert role within international financial monitoring systems.
- Analysis of Fund Utilization: Investigations revealed that IRGC utilized cryptocurrency transfers to fund regional proxy groups, exemplified by a $10 million payment to a Yemeni individual sanctioned by the U.S. for smuggling Iranian oil, underscoring the potential use of cryptocurrencies in arms trade.
About the author
Ohris M. Greyoon
Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.
