Iran Moves Hundreds of Millions in Cryptocurrency During Nationwide Internet Blackout, Report Reveals
March 13, 2026 | By Efrat Lachter, Fox News
A recent cyber intelligence report reviewed by Fox News Digital has revealed that hundreds of millions of dollars worth of cryptocurrency were transferred out of Iran during the country’s nationwide internet blackout following U.S.–Israeli military strikes on February 28. The report indicates that Iran’s digital financial networks, including those linked to the Islamic Revolutionary Guard Corps (IRGC), continued operating despite severe communication disruptions.
Cryptocurrency Activities Amid the Blackout
Omri Raiter, founder and CEO of RAKIA, a cyber intelligence firm specializing in data analysis platforms used by governments and security agencies, explained that his team began closely monitoring Iranian cryptocurrency activities immediately after the strikes. They observed a significant surge of crypto funds leaving Iranian-linked accounts in the first hours of the conflict, which quickly escalated to hundreds of millions of dollars moving out of the country.
“We’ve seen a surge of funds since the first hours of the war,” Raiter noted. “It started with tens of millions and grew to hundreds of millions and more. Money was just flowing out from Iranian crypto accounts.”
According to the internal report, wallets connected to the IRGC received more than $3 billion in cryptocurrencies in 2025. Publicly available data from the blockchain analysis firm Chainalysis also estimated that Iran’s cryptocurrency ecosystem reached $7.78 billion in activity last year.
Resilience of Iran’s Crypto Infrastructure
The data suggests that Iran has built a sophisticated crypto-based financial infrastructure capable of circumventing heavy international sanctions and continuing operations even during periods of extensive internet shutdowns.
Raiter highlighted how this infrastructure enables the IRGC to finance proxy operations across the region despite sanctions designed to block such activity. “The IRGC has been financing proxy operations through the very same crypto corridors that sanctions were designed to shut down,” he said.
U.S. Treasury’s Response and Sanctions
In response to such tactics, the U.S. Department of the Treasury sanctioned multiple cryptocurrency exchanges linked to Iranian entities on January 30, marking one of the first times entire digital asset platforms have been targeted to disrupt sanction evasion schemes tied to the IRGC.
Treasury Secretary Scott Bessent emphasized the ongoing commitment to counter Iranian financial networks: “The Treasury will continue to pursue Iranian networks and corrupt elites who enrich themselves at the expense of the people,” he said in a press release. “This also applies to attempts by the regime to use digital assets to circumvent sanctions.”
Dual Nature of Cryptocurrency Movements
According to RAKIA’s analysis, the recent surge in cryptocurrency movements during the blackout reflects two intertwined trends. First, funds are being funneled to support Iran’s regional proxy forces engaged in conflicts and hostilities. Simultaneously, individuals connected to the regime appear to be moving significant personal wealth abroad to protect assets amid escalating tensions.
“The proxy war funding and the personal capital flight are two sides of the same coin,” Raiter explained. “They move through the same pipelines.”
Broader Context
The announcement comes amid heightened regional tensions following the U.S.-Israeli strikes targeting Iranian leadership, naval vessels, and critical oil infrastructure. These attacks have also contributed to turbulence in regional and global markets. As the conflict intensifies, the role of cryptocurrency in Iran’s efforts to sustain proxy operations and safeguard regime-related wealth highlights the evolving landscape of modern financial warfare and sanctions evasion.
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