Overview

• Activity deteriorated after April, with July volumes down more than 76% year over year, according to TRM Labs.
• Nobitex handled over 87% of Iranian-linked trades before a June 18 breach drained $90 million attributed to the group Predatory Sparrow.
• Tether froze 42 Iranian-linked wallets on July 2 in its largest action to date, cutting domestic liquidity for exchanges.
• Users and some platforms redirected flows to DAI on Polygon while TRON-based USDT still accounted for roughly $2 billion of activity.
• Iran enacted a capital gains tax in August that classifies crypto under a speculative-assets law as researchers tie some flows to state procurement and underground services.