Chainalysis: Iran has used cryptocurrency to sell oil since December 2024, with transactions exceeding $178 million within one year

Foresight News reported, citing CoinDesk, that Chainalysis data shows the Iranian regime, more specifically the Islamic Revolutionary Guard Corps (IRGC), has been increasingly using cryptocurrency in recent years to facilitate cross-border commercial trade, especially in the sale of Iranian oil. In December 2024, a sanctioned member of the Iran Islamic Revolutionary Guard Corps associated with the Houthi armed group facilitated the sale of Iranian oil to Yemen through a cryptocurrency address, with related transactions exceeding $178 million in a year.

By April 2025, the broader Houthi financier network began using cryptocurrency to procure weapons and goods from Russia, with cryptocurrency addresses on the sanctions list accounting for nearly $1 billion in transactions; these activities almost entirely took place within a year.