sumaiya

01/11 16:29

Network Processed Record IRGC Flows Through Shell

#HTX Year-End Carnival: 150,000 USDT Over 28 Days! #Brev: ZK Omnichain Data Proof

Network Processed Record IRGC Flows Through Shell Structure IRGC-linked addresses at Zedcex processed $23.7 million in 2023, representing 60% of total activity, before surging to $619.1 million in 2024 when the IRGC share jumped to 87%. Activity declined to $410.4 million in 2025 as non-IRGC flows increased, reducing the corps’ share to 48%. The two exchanges operated as a single enterprise despite separate UK incorporation, with both entities sharing directors, addresses, and coordinated timing that indicated continuity rather than independence. Zanjani’s withdrawal from Zedxion in 2022, followed immediately by Zedcex’s incorporation under the same control structure and address, suggested operational continuity rather than separation. After being arrested in Iran and sentenced to death for embezzling millions from Iran’s National Oil Company, his sentence was commuted in 2024 after repaying funds, and he re-emerged publicly with proximity to regime-linked economic projects through DotOne Holding Group, a conglomerate spanning cryptocurrency, foreign exchange, logistics, and telecommunications. TRM analysis linked Zedcex wallets directly to addresses designated by Israeli authorities as IRGC property under the Administrative Seizure Order ASO-43/25, issued in September 2025, many of which Tether subsequently blocklisted. Transfers conducted almost entirely in USDT on the TRON blockchain routed funds between designated IRGC addresses, offshore intermediaries, and domestic Iranian exchanges, including Nobitex, Wallex, and Aban Tether. The exchanges also integrated with Zedpay, a Turkey-based mobile payment processor that maintains relationships with Turkish financial entities, including Vepara, whose license was later suspended amid money laundering concerns, and Vakif Katilim, a state-owned Islamic bank previously scrutinized for facilitating Iran-linked financial activity.

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