US probes crypto platforms in Iran sanctions case; TRM Labs says $10B in 2025

On February 3, 2026, U.S. investigators opened a probe into crypto platforms suspected of facilitating Iranian sanctions evasion, according to Ari Redbord at TRM Labs. TRM Labs estimates about $10 billion of crypto activity in Iran in 2025, while Chainalysis reports $7.8 billion received by Iranian wallets, and Elliptic says the central bank bought at least $507 million in USDT.