TRM: Iran-linked entities moved $3.84B through CoinEx since 2019

Blockchain analytics firm TRM Labs found wallets with identifiable links to sanctioned Iranian entities moved more than $3.84 billion through CoinEx since 2019. About 60 Iranian platforms were tied to those funds, with roughly $2.7 billion flowing between CoinEx and Nobitex at an average rate of about $1 million per day since 2018.

By 2024 CoinEx was Nobitex’s largest external counterpart, nearly nine times the next-largest, a pattern TRM Labssaid was inconsistent with independent market behaviour. The report appeared three weeks after the US Treasury sanctioned four Iranian crypto exchanges as part of its “Economic Fury” campaign.

Days before those sanctions, Treasury Secretary Scott Bessent said the Treasury had seized $1 billion in crypto from Iranian exchanges and wallets since the start of the war.

Iran

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