Blockchain analytics firm Arkham Intelligence has published a detailed onchain map of cryptocurrency wallets it attributes to the Central Bank of Iran (CBI). The move comes after US authorities froze approximately $344 million in Tether (USDT) linked to Iranian entities, marking one of the largest stablecoin seizures tied to sanctions. The map makes two previously sanctioned Tron wallet addresses publicly searchable, allowing investigators and the public to trace transactions and counterparties.

Key Facts

• Arkham’s map groups two TRC-20 wallets into a Central Bank of Iran entity page, based on OFAC sanctions from April 24, 2026.
• The US Treasury linked these wallets to Bank Markazi Jomhouri Islami Iran and accused them of facilitating transactions for the Islamic Revolutionary Guard Corps-Qods Force and Hezbollah.
• Treasury Secretary Scott Bessent said the $344 million freeze is part of a broader effort to disrupt Iran’s ability to generate and move funds.
• Tether confirmed it froze the USDT at the request of US authorities due to “activity tied to unlawful conduct.”
• Chainalysis described a multi-step stablecoin pipeline that routes Iranian oil revenues through intermediaries and decentralized protocols before reaching CBI-linked accounts.
• Iran’s overall crypto transaction volume reached approximately $11.4 billion in 2024 and $10 billion in 2025, according to TRM Labs and Chainalysis.

Background on Sanctions and Blockchain Surveillance

The US Treasury’s Office of Foreign Assets Control (OFAC) has increasingly targeted cryptocurrency wallets linked to sanctioned nations and entities. On April 24, 2026, OFAC designated two TRC-20 wallets as property of Bank Markazi Jomhouri Islami Iran, marking the first time the central bank itself was directly named in such sanctions. The wallets were accused of being used to transfer funds on behalf of the IRGC-Quds Force and Hezbollah, both designated terrorist organizations by the US.

Arkham’s mapping leverages this designation to create an interactive explorer that connects the sanctioned wallets to broader transaction flows. The firm stated that the map provides a “starting point” for tracing related addresses and uncovering hidden linkages. This approach reflects a growing trend among blockchain analytics companies to publicize sanction-related data, enabling crowdsourced investigations and enhancing transparency in the crypto ecosystem.

The $344 Million Freeze and Tether’s Role

The $344 million USDT freeze was first announced by Treasury Secretary Scott Bessent, who framed it as a direct blow to Iran’s financial infrastructure. “We are systematically degrading Tehran’s ability to generate, move, and repatriate funds,” Bessent said. Tether, the stablecoin issuer, separately confirmed it had frozen the funds at the request of US authorities, though its statement did not explicitly name Iran. The freeze was executed on the Tron network, where most USDT is issued.

Blockchain security firm BlockSec reported that Tether froze over 500 million USDT in a 30-day period across Ethereum and Tron, with approximately 506 million of that on Tron. The T3 Financial Crime Unit, a collaboration between TRON, Tether, and TRM Labs launched in 2024, has been instrumental in identifying and freezing funds tied to sanctions and terrorism financing. A TRON spokesperson emphasized that the network itself cannot monitor transactions but works with law enforcement through the T3 unit.

Arkham’s Mapping and Its Implications

Arkham’s new map goes beyond simply listing the two sanctioned addresses. It groups them under a Central Bank of Iran entity profile, linking them to known counterparties and transaction histories. Users of the Arkham platform can now explore inflows and outflows, potentially identifying other wallets that interact with the central bank. This could expose the broader network of brokers, exchanges, and DeFi protocols used to move funds.

In an April 27 report, Chainalysis outlined a stablecoin pipeline in which Iranian oil revenues are converted to USDT through offshore brokers, then moved through intermediary wallets, cross-chain bridges, and decentralized exchanges before being repatriated to CBI or IRGC-linked accounts. Arkham’s map may help verify these patterns and identify new nodes in the network. The map also highlights the Tron network’s popularity for such transfers, due to its low fees and high throughput.

Iran’s Wider Crypto Footprint

Iran’s use of cryptocurrency has grown significantly in recent years. According to estimates from TRM Labs and Chainalysis, Iran’s crypto transaction volume reached $11.4 billion in 2024 and $10 billion in 2025. Much of this volume is driven by sanctioned actors seeking to bypass traditional banking systems. The country has also explored using digital assets for international trade, including a reported plan to charge crypto-denominated tolls for ships transiting the Strait of Hormuz.

In May 2026, Nobitex, Iran’s largest cryptocurrency exchange, was reportedly linked to a powerful family with ties to Supreme Leader Ali Khamenei. The exchange is believed to act as a key conduit between domestic users and offshore liquidity, further integrating Iran into the global crypto economy. These developments have intensified scrutiny of stablecoins like USDT, which are widely used due to their peg to the US dollar.

The $344 million freeze and Arkham’s subsequent mapping are likely to accelerate regulatory and enforcement actions. The US Treasury has already sanctioned multiple Iran-linked crypto exchanges, and the T3 Financial Crime Unit continues to monitor Tron-based transactions. As blockchain analytics becomes more sophisticated, the ability to track and freeze funds in real time may deter future sanctions evasion, though adversaries may adapt by using privacy-focused technologies or new networks.

Arkham’s decision to publish the map publicly also raises questions about transparency versus operational security. While it helps investigators, it also provides a roadmap for sanctioned entities to see which addresses are under surveillance. Nonetheless, the move underscores a growing willingness among analytics firms to actively disrupt illicit finance, not just report on it.

Source: Cointelegraph News