$16.8 Million Flows Through Sanctioned Iran-Linked Crypto Addresses

A recent report from TRM Labs has shed light on the flow of cryptocurrency funds tied to Iran's Mabna Institute, which was targeted by US authorities in a widening sanctions campaign. According to the analysis, $16.8 million flowed into 30 cryptocurrency addresses linked to the institute between January 2018 and August 2026.

The majority of this amount, approximately $15.5 million, went into wallets controlled by Keyvan Fayaz, one of the defendants named in a superseding indictment unsealed by the Department of Justice (DOJ). This suggests that Fayaz may have functioned as a treasury for the operation, managing funds on behalf of the Mabna Institute.

The addresses spanned various cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and TRON (TRX). Notably, little value remains in these wallets, with a combined residual balance of $202,662, roughly 1% of what passed through them.