Issuers of dollar stablecoins have frozen one of the wallets of the Iranian cryptocurrency exchange Wallex. This was reported on the morning of March 25 by the well-known crypto detective ZachXBT.
"Apparently, the Iranian exchange Wallex.ir faced the situation where one of its wallets was frozen by Circle and Tether," wrote ZachXBT in a Telegram channel.
He added that a few hours ago, Wallex began consolidating crypto assets from various hot wallets. Funds from the Tron and Ethereum networks were transferred to BSC (Binance Smart Chain).
The Wallex exchange was founded in 2018 by a group of students from Sharif University of Technology in Tehran. It is one of the largest crypto platforms in the country. In 2023, analysts from TRM Labs reported that it ranked 3rd in terms of incoming funds.
Other notable Iranian exchanges are Nobitex, Excoino, Aban Tether. In June 2025, the pro-Israel hacker group Gonjeshke Darande ('Predatory Sparrow') hacked Nobitex for political reasons and withdrew over $90 million in cryptocurrencies from it. It was reported that the stolen assets were destroyed—transferred to 'disposable' wallets without access to keys.
In September, Israel linked 187 crypto wallets to the Islamic Revolutionary Guard Corps (IRGC) and ordered the seizure of $1.5 million. Analysts noted that it is impossible to verify the connection of all transactions from these addresses to the IRGC, but Tether has already blocked dozens of wallets from this list.
Ahead of a joint operation with Israel against Iran, the U.S. intensified efforts to disrupt the financial networks of the IRGC, reported The Wall Street Journal in early March. In January, the U.S. Treasury imposed sanctions on two small crypto exchanges for transferring large sums to digital wallets linked to Iran, and the Justice Department is investigating Iran's use of Binance to evade sanctions.