Mabna Institute Moves $16.8 Million Through Crypto Addresses Since 2018

The Mabna Institute, accused of stealing intellectual property for the Islamic Revolutionary Guard Corps, has been using cryptocurrency to move funds. According to blockchain intelligence firm TRM Labs, roughly 30 crypto addresses tied to Mabna defendants received about $16.8 million in total inflows between January 2018 and August 2026.

The majority of these flows were concentrated among a single defendant, Keyvan Fayaz, who controlled 10 of the scrutinized addresses. Those addresses alone accounted for roughly $15.5 million, or 92% of all inflows across the entire cluster.

The presence of TRON-based stablecoins in this sanctions-adjacent context is notable, as it fits a pattern that U.S. authorities have flagged in multiple enforcement actions over the past two years.