Israel Seize $1.7M in Cryptocurrency from Iranian Military with Assistance from Chainalysis

Israel seize $1.7M in cryptocurrency from Iranian Military with assistance from Chainalysis

The Defence Ministry of Israel, in collaboration with crypto investigations firm Chainalysis, has successfully seized $1.7 million worth of cryptocurrency. This operation specifically targeted funds belonging to the Iranian military and the Hezbollah militant group in Lebanon.

NEWS: Israel’s NBCTF announced it seized ~$1.7 million worth of crypto from Hezbollah & Iran’s Quds Force & disrupted their crypto-based terrorism financing infrastructure. We’re proud to say Chainalysis tools played a role in this effort. Read more: https://t.co/3BMJrih0uJ

— Chainalysis (@chainalysis) June 28, 2023

Defense Minister Yoav Gallant, who authorized the operation weeks ago, expressed satisfaction with its success, stating that it was the first operation of its kind in which an infrastructure led by Hezbollah and the Iranian Quds Force was disrupted.

In a coordinated effort involving the Israeli government, the Mossad spy agency, and Chainalysis, 40 addresses that were transacting in USDT on the TRON network were targeted. Chainalysis provided insight into the tracking pattern of the funds, revealing that the money was initially moved to hawala services and Over-the-Counter (OTC) brokers before ending up in Hezbollah-controlled addresses.

This strategic seizure highlights the potential of cryptocurrency analysis tools in disrupting illicit activities and improving national security.

Compiled by Coinbold