A cyber intelligence report reveals that the IRGC continued to move cryptocurrency during Iran's internet blackout, facilitating the outflow of significant funds despite sanctions.
A cyber intelligence report, reviewed by Fox News Digital, reveals that cryptocurrency infrastructure linked to Iran ’s Islamic Revolutionary Guard Corps ( IRGC ) continued its operations even during the nationwide internet blackout following the U.S.–Israeli strikes on February 28. This enabled the movement of hundreds of millions of dollars in cryptocurrency out of the country.
Omri Raiter, the founder and CEO of RAKIA, a cyber intelligence firm specializing in data analysis for governments and security agencies, stated that his team began real-time monitoring of Iranian cryptocurrency activity immediately after the attacks. They quickly observed a significant increase in funds leaving Iranian-linked crypto accounts. According to Raiter, there was a surge in funds from the onset of the attacks, escalating from tens of millions to hundreds of millions, as money flowed out of Iranian crypto accounts. The report, drawing on blockchain intelligence data, estimates that wallets associated with the IRGC received over $3 billion in cryptocurrency in 2025. Furthermore, the report references data from Chainalysis, a blockchain analysis firm, which estimated Iran's cryptocurrency ecosystem reached $7.78 billion in activity in the same year. This underscores the development of a substantial crypto-based financial infrastructure by Iran, capable of functioning even amidst stringent sanctions and communications disruptions. The IRGC, according to Raiter, has been leveraging the very crypto corridors that sanctions were designed to shut down to finance its proxy operations.\The U.S. Department of the Treasury imposed sanctions on cryptocurrency exchanges connected to Iranian entities on January 30, marking a shift towards targeting entire digital asset platforms rather than individual wallets in an effort to combat sanctions evasion related to the Islamic Revolutionary Guard Corps. Treasury Secretary Scott Bessent highlighted that this action was part of a larger strategy to disrupt financial networks associated with Tehran. The Treasury's commitment to pursuing Iranian networks and individuals enriching themselves at the expense of the people extends to the regime's attempts to utilize digital assets for evading sanctions. RAKIA's analysis suggests that the recent surge in cryptocurrency movement reflects two parallel trends: the allocation of funds to support Iran's regional proxy networks and the movement of personal wealth by individuals affiliated with the regime seeking to protect their assets. Raiter emphasized that these proxy war funding and capital flight strategies operate through the same financial channels. The firm has identified cryptocurrency flows connected to networks previously associated with Iran-backed groups, specifically noting activity linked to Lebanon and Yemen. The report acknowledges that while some of the activity could involve IRGC members moving their own funds, the scale and timing of the transactions suggest a coordinated effort.\The RAKIA report indicates that this activity persisted even after Iran implemented a comprehensive internet shutdown across the country. According to NetBlocks, an internet monitoring group, national connectivity plummeted to approximately 1% of normal levels during the blackout. Despite this, RAKIA researchers detected over 1,100 active cryptocurrency nodes operating within Iran. Tom Malca, RAKIA’s head of cyber and AI research, noted that the presence of these nodes, even with minimal internet access, signifies the use of dedicated bandwidth, stable power, and a deliberate exemption from the shutdown, indicating specialized infrastructure. The analysis highlights that most of these nodes were concentrated in the Tehran–Qom corridor, an area housing major government and IRGC institutions. Smaller clusters were identified in various Iranian cities, including Isfahan, Mashhad, Tabriz, and Kermanshah. RAKIA's investigation utilized network monitoring and publicly available blockchain intelligence to gather its data. The Iranian mission to the United Nations in New York declined to comment on the report's findings
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