On June 2, the US Treasury sanctioned four major Iranian crypto platforms (Nobitex, Bitpin, Ramzinex, and Wallex) for funneling money to the Islamic Revolutionary Guard Corps through stablecoin transactions, ransomware payments, and maritime extortion schemes. Nearly $500 million in digital assets were frozen, including over $130 million in USDT on the TRON network. Nobitex reportedly processed over 50% of Iran’s digital asset inflows in 2025, serving as a financial artery for the regime. The IRGC exploits cryptocurrency as a relief valve when traditional banking channels are squeezed. Bitcoin and other major crypto prices showed little immediate reaction to the news.
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