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TRX Data from TRM Labs, a blockchain intelligence firm, shows that 30 cryptocurrency addresses associated with Iranian Mabna Institute members have received a total of approximately $16.8 million since 2018. At the same time, the United States is expanding the scope of sanctions against Iran's digital asset infrastructure. The addresses, which cover Bitcoin, Ethereum and the wavefield network, were identified in a broader action announced by the U.S. Treasury Department on August 24. TRM found that at the time of its analysis, only about $202,662 million remained in these wallets, or about 1% of the total funds passing through wallets.
The action is part of broader measures taken by the United States to restrict Iran-related cryptocurrency activities. In July this year, authorities froze more than $130 million in USDT held in four wallets linked to Iran's central bank, another example of recent cryptocurrency enforcement actions against Iran.
One defendant controls 92% of cryptocurrency flows
Most of the activity is concentrated in wallets associated with Keyvan Fayaz. Between January 6, 2018 and August 20, 2026, ten addresses associated with Fayaz received approximately US$15.5 million, accounting for 92% of the network's total chain transaction volume. TRM said this concentration suggests Fayaz may have acted as a treasurer for the Mabna operation. The wallet related to Behzad Mesri shows a different pattern. After funds move between multiple addresses, hundreds of thousands of dollars are remitted to the deposit address of a large centralized exchange.
Such transactions explain why blockchain analytics has become increasingly important in sanctions enforcement. Although digital assets can move quickly across borders, transaction history can still be publicly traced, a feature that has also shaped the long-standing debate over sanctions evasion and cryptocurrencies.
The U.S. Treasury Department steps up pressure on Iran's crypto industry
Before these wallets were blacklisted, the U.S. Department of Justice released an alternative indictment containing 14 counts on August 18. Prosecutors charged 17 members of the Mabna Institute and claimed that the group carried out cyber breaches on behalf of Iran's Islamic Revolutionary Guard Corps and other Iranian entities. The operation allegedly targeted 144 American universities, 178 foreign universities, dozens of companies and multiple government agencies, and stole more than 31 terabytes of academic data and intellectual property.
The U.S. government has increasingly shifted its focus from individual wallets to Iran's broader crypto infrastructure. The U.S. Treasury Department has previously sanctioned Nobitex, Iran's largest cryptocurrency exchange, while the investigation has also highlighted large USDT flows linked to Iran's Islamic Revolutionary Guard Corps. The August 24 measure went one step further and listed digital assets as one of the areas of the Iranian economy that can be sanctioned alongside technology, gold, aviation and shipping. The designation does not automatically prevent all companies in the field from operating, but gives the Office of Foreign Assets Control broader powers to crack down on Iranian and non-Iranian entities involved in related activities.
