Overview
- Zedcex and Zedxion operated as a single enterprise, with IRGC-linked activity accounting for 56% of their total volume across 2023 to 2025.
- Flows rose from roughly $24 million in 2023 to $619 million in 2024 before declining to $410 million in 2025, with IRGC-related transactions peaking at 87% of volume in 2024.
- Israeli authorities designated related wallets under Administrative Seizure Order ASO-43/25, and Tether later blocklisted many of those addresses.
- On-chain tracing identified direct transfers exceeding $10 million to U.S.-sanctioned Yemeni financier Sa’id Ahmad Muhammad al-Jamal in late 2024.
- The operation used a hybrid setup that included Turkish payment processor Zedpay and Singapore-based infrastructure provider ChainUp to extend crypto flows into fiat channels.