Israel‘s Ministry of Defense has ordered the seizure of 187 cryptocurrency wallets, alleging they are linked to Iran’s Islamic Revolutionary Guard Corps (IRGC) and have received over $1.5 billion in funds.
The IRGC, designated a terrorist organization by multiple countries, is suspected of using these wallets to finance its operations.
A government document signed by Israel’s defense minister lists the specific wallet addresses. However, a review by blockchain analytics firm Elliptic revealed that only a small fraction of the reported funds remain in these wallets.
Specifically, about 39 of the 187 wallets have been blacklisted by Tether since September 13, 2025, and Elliptic estimates only about $1.5 million in USDT is currently held across all the seized wallets, significantly less than the $1.5 billion they are alleged to have received over time.
This action follows other recent crackdowns on crypto funding for Iranian-linked entities. Last week, the U.S. Justice Department seized over $584,000 in USDT from a wallet linked to Iranian national Mohammad Abedini, who is accused of supplying navigation systems for the IRGC’s Shahed military drone program.
The U.S. also sanctioned wallets tied to Sa’id Ahmad Muhammad al-Jamal for allegedly moving $332 million in USDT to Yemen’s Houthi militant group with IRGC-Qods Force assistance.
In a related incident, Iranian crypto exchange Nobitex, which Elliptic has linked to the IRGC for its use in ransomware schemes by sanctioned operatives, was hacked in June 2025. Over $90 million in funds were reportedly stolen and rerouted to pro-Israel wallets opposing the IRGC.
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