The largest Iranian crypto exchange, Nobitex, is connected to the influential Harrazi clan, which has been part of the country's leadership circle for decades, according to an investigation by Reuters.

The platform was founded by brothers Ali and Mohammad Harrazi. To conceal their ties to the ruling family, they used the surname Agamiri in official documents. The Harrazi clan has strong connections with Iran's Supreme Leader Ali Khamenei. The founders' grandfather was a member of the Assembly of Experts, and their father helped establish the Islamic Revolutionary Guard Corps (IRGC).

Nobitex accounts for a significant portion of crypto activities in Iran, serving over 11 million users. The exchange continued operations even during internet shutdowns in the country. Analysts recorded transactions exceeding $100 million during periods of heightened regional conflicts.

According to the report, funds from sanctioned organizations have flowed through the platform. Estimates from analytical firms vary:

  • Elliptic identified suspicious flows totaling $366 million;
  • Chainalysis estimated the volume at $68 million;
  • Crystal Intelligence reported $22 million in direct transfers from sanctioned wallets.

In 2025, wallets linked to Iran's Central Bank transferred hundreds of millions of dollars to Nobitex. Experts believe this is part of a strategy to circumvent financial sanctions.

Nobitex representatives deny any connection to the government, claiming that illegal transactions constitute a negligible portion of total trading volume.

Analysts Challenge Connection of Blocked USDT to Iran

Experts from Nominis analyzed wallets that were recently sanctioned by the U.S. According to their findings, the funds may belong to other state actors rather than Iran.

Last week, Tether, at the request of the U.S. Treasury, blocked over $344 million in USDT. The department linked these addresses to IRGC activities.

Nominis CEO Snir Levi noted that the behavior of the wallet owners differs from typical patterns associated with Iranian entities. Usually, the IRGC distributes assets across multiple transit addresses with small balances and does not hold them for long. In this case, the operations appear different.

Levi suggested that the infrastructure might belong to Chinese state entities or other foreign networks. He believes standard monitoring methods are becoming outdated as major players continually change how they use blockchain.

The blocking occurred as part of Operation Epic Fury. U.S. Treasury Secretary Scott Bessent stated that the total amount of seized Iranian crypto assets reached $500 million. He indicated that the campaign aims to exert maximum economic pressure on Tehran.

Amid sanctions, Iran is experiencing a currency crisis. In December, one of the largest banks in the country closed, and the national currency depreciated against the U.S. dollar by 60–70%.

Recall that in April, journalists reported on a new scheme involving bitcoin extortion for passage through the Strait of Hormuz.