New analysis questions whether wallets recently seized by the US Treasury’s Office of Foreign Assets Control (OFAC) actually belong to Iran. Blockchain intelligence firm Nominis suggests other state actors may be involved. The findings challenge the official narrative behind Operation Economic Fury.
OFAC crypto sanctions target wallets in Operation Economic Fury
On April 26, 2026, Treasury Secretary Scott Bessent announced that OFAC had sanctioned several crypto wallets tied to Iran. He said the seizures were part of Operation Economic Fury, a broader campaign to pressure Tehran. Tether later confirmed it froze more than $344 million in USDT at US authorities’ request.
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Bessent stated that the wallets were linked to the Islamic Revolutionary Guard Corps (IRGC). He described the operation as a success in crippling Iran’s financial networks. But blockchain data tells a different story.
Nominis, a firm specializing in blockchain intelligence, published its findings on May 3, 2026. The report analyzed the structural and behavioral patterns of the seized wallets. It found significant differences from previously identified IRGC-linked wallets.
Nominis analysis reveals behavioral divergence in seized wallets
Nominis CEO Snir Levi explained the discrepancies. IRGC-linked wallets typically show consistent operational patterns. Funds are distributed across many wallets. Individual balances remain low, often a few million dollars. Holdings are not retained for long periods. Activity is structured to avoid seizure or freezing.
But the wallets targeted in Operation Economic Fury do not follow these patterns. Levi noted that the behavioral divergence raises a critical question. How much of the $340 million in frozen assets reflects direct IRGC control? Some of it may overlap with broader financial networks linked to other state actors.
Levi said: “While the use of cryptocurrency by the IRGC is well established, this case presents structural and behavioral characteristics that diverge meaningfully from previously observed patterns.” The implication is that US authorities may have targeted infrastructure used by multiple actors.
What this means for compliance teams
Levi warned that static typologies are no longer enough. Compliance teams must use behavioral analysis and clustering to identify risk. He said: “Most importantly, this case highlights that even well-documented actors such as the IRGC and potentially Chinese state-actors are continuing to evolve their use of blockchain infrastructure.”
Industry watchers note that this could signal a shift in how sanctions are enforced. If the wallets are not Iranian, then the US may have misidentified the targets. That would have serious implications for the credibility of Operation Economic Fury.
Operation Economic Fury targets crypto for maximum US economic pressure
Operation Economic Fury is a sweeping campaign against Iran’s economy. Bessent said the US has seized nearly $500 million in Iranian cryptocurrency assets. That figure is higher than the $344 million previously disclosed. He added that bank accounts, retirement funds, and overseas real estate are also being targeted.
Bessent claimed the operation has taken a toll on Iran’s economy. One of the country’s largest banks collapsed in December 2025. The Iranian rial has fallen 60% to 70% against the US dollar. “They’re in the middle of a currency crisis,” Bessent said.
But the Nominis analysis suggests the crypto seizures may not be as effective as claimed. If the wallets belong to other state actors, the pressure on Iran may be less than advertised.
Background on US sanctions against Iran
The US has imposed sanctions on Iran for decades. These target the IRGC, oil exports, and financial networks. In June 2025, the Financial Crimes Enforcement Network (FinCEN) issued an advisory on Iranian shadow banking networks. The advisory highlighted the use of cryptocurrency to bypass sanctions.
Iran has increasingly turned to digital assets. The country views Bitcoin as a strategic asset. But Tether’s USDT remains dominant for oil toll payments, according to the Blockchain Policy Institute (BPI).
Key differences in wallet characteristics raise questions
The Nominis report identified several key differences. The following table summarizes the behavioral patterns:
| Characteristic | IRGC-linked wallets | Seized wallets |
|---|---|---|
| Fund distribution | Across many wallets | Concentrated in few wallets |
| Balance per wallet | Low (few million USD) | High (tens of millions) |
| Holding period | Short | Extended |
| Activity pattern | Minimizes exposure | High exposure |
These differences suggest the wallets may belong to a different entity. Levi said the case highlights the need for more sophisticated analysis. “Behavioral analysis and clustering are critical for identifying risk,” he added.
Implications for crypto enforcement and sanctions policy
The findings could affect how the US enforces crypto sanctions. If the wallets are not Iranian, then the Treasury may need to revise its approach. The case also underscores the challenges of tracking blockchain transactions across borders.
Industry experts say the episode shows the limits of static typologies. Sanctions enforcement must adapt to evolving tactics. State actors are becoming more sophisticated in using blockchain infrastructure.
What this means for investors is that crypto markets remain exposed to geopolitical risks. Sanctions can freeze assets without warning. But the accuracy of those sanctions matters for market confidence.
Conclusion
The Nominis analysis raises serious questions about the OFAC crypto sanctions in Operation Economic Fury. The seized wallets may not belong to Iran but to other state actors. This could undermine the effectiveness of US economic pressure. Compliance teams must adopt behavioral analysis to keep pace with evolving threats. The case highlights the need for accurate intelligence in crypto enforcement.
FAQs
Q1: What is Operation Economic Fury?
Operation Economic Fury is a US campaign targeting Iran’s economy. It includes freezing bank accounts, seizing crypto assets, and targeting real estate held by Iranian officials.
Q2: How much crypto did the US seize?
Treasury Secretary Scott Bessent said nearly $500 million in Iranian cryptocurrency assets were seized. Tether froze more than $344 million in USDT at US authorities’ request.
Q3: Why does Nominis think the wallets are not Iranian?
Nominis analyzed the wallets’ behavioral patterns. They found significant differences from previously identified IRGC-linked wallets, suggesting other state actors may be involved.
Q4: What are the implications for compliance teams?
Compliance teams must use behavioral analysis and clustering to identify risk. Static typologies are no longer sufficient for tracking evolving blockchain tactics.
Q5: How has Iran’s economy been affected?
One of Iran’s largest banks collapsed in December 2025. The rial has fallen 60% to 70% against the US dollar. Bessent said the country is in a currency crisis.
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