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TRM Labs: IRGC moved about $1B in USDT via Zedcex and Zedxion since early 2023
According to TRM Labs, Iran’s Islamic Revolutionary Guard Corps allegedly used two UK-based exchanges, Zedcex and Zedxion, to route about $1 billion in crypto since early 2023, mostly USDT on the TRON network. Investigators said IRGC-linked flows accounted for 56% of these platforms’ volume between 2023 and 2025 and traced activity across 187 sanctioned wallet addresses.