On-chain analysis questions the US accusations regarding "Iranian crypto assets," suggesting that some of the seized wallets may be linked to other state actors.

According to Mars Finance, Nominis analysis suggests that the on-chain behavior of some "Iran-related" crypto wallets recently seized and frozen by the US OFAC may not conform to the past operating patterns of the Iranian Islamic Revolutionary Guard Corps (IRGC), potentially involving other state-owned actors. Previously, the US Treasury Department stated that it had frozen over $340 million in Iran-related crypto assets, totaling nearly $500 million, during Operation Economic Fury. Nominis CEO Snir Levi stated that historically, IRGC-related wallets typically dispersed funds across multiple addresses, maintained low balances in individual wallets, avoided long-term holdings, and used complex operations to mitigate the risk of being frozen; however, the seized wallets show significant differences in their fund structure and behavioral patterns. He believes this raises a crucial question: how much of the frozen $340 million in assets is directly controlled by the IRGC, and how much involves broader infrastructure, potentially overlapping with other countries' financial networks? Levi also pointed out that organizations including the IRGC and potential Chinese state-owned actors are continuously upgrading their blockchain infrastructure usage; traditional static risk control labels are no longer sufficient, and behavioral analysis and address clustering are becoming increasingly critical.