Iran Crisis Spotlights Regime’s $7.8 Billion Crypto Shadow Economy
Iran legalized cryptocurrency mining in 2019, allowing licensed miners to use government-subsidized electricity. However, the Bitcoin they produce must be sold to the Central Bank of Iran for imports and cross-border settlements. This system, together with stablecoin networks controlled by the Islamic Revolutionary Guard Corps (IRGC), has enabled Tehran to maintain foreign trade despite U.S. sanctions and restrictions on its banking system.
According to Chainalysis, transaction activity across Iran’s cryptocurrency ecosystem reached $7.8 billion in 2025, while the country accounted for about 2%–5% of global Bitcoin computing power. After the United States and Israel launched a new wave of strikes against Iran on February 28, 2026, the fragile power grid underpinning mining operations faced the risk of disruption. The attacks also brought renewed scrutiny to this financial lifeline for the government and the IRGC.
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The history behind this eventSanctioned Iran-Linked Entities Moved $3.8 Billion in Crypto Through CoinEx
The United States has long used financial sanctions to restrict Iran’s access to dollars and cross-border payment services, prompting local businesses to turn to cryptocurrency. TRM Labs tracked about 60 wallets linked to sanctioned Iranian entities. Their transactions involved CoinEx and Nobitex, highlighting sanctions-compliance and anti-money-laundering risks at centralized exchanges.
A TRM Labs report said the wallets had moved more than $3.84 billion in cryptocurrency through CoinEx since 2019. About $2.7 billion, or roughly 70% of the total, went to Nobitex, Iran’s largest domestic exchange. CoinEx subsequently denied serving as a funding gateway for sanctioned Iranian crypto companies, leaving the two sides at odds over the exchange’s responsibility.
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