🧵1/Ω
Since #Israel attacked #Iran Tether has frozen 112 addresses on Tron and Ethereum.
- Collectively those wallets received ~$700 million USDT before being frozen
- The top 40 of those wallets are *all* on Justin Sun's Tron blockchain
Iranian exchanges mostly use Tron USDT.
Since #Israel attacked #Iran Tether has frozen 112 addresses on Tron and Ethereum.
- Collectively those wallets received ~$700 million USDT before being frozen
- The top 40 of those wallets are *all* on Justin Sun's Tron blockchain
Iranian exchanges mostly use Tron USDT.
🧵2/Ω
Dune dashboard with all the historical Tether blacklist data for those two blockchains can be found here:
dune.com/queries/5342352
Dune dashboard with all the historical Tether blacklist data for those two blockchains can be found here:
dune.com/queries/5342352
🧵3/Ω
#Nobitex, the largest crypto exchange in Iran (which is basically a Binance feeder fund, but I digress), openly advises its users on how to avoid sanctions via Tether USDT even though that is a blatant violation of all kinds of laws.
#Nobitex, the largest crypto exchange in Iran (which is basically a Binance feeder fund, but I digress), openly advises its users on how to avoid sanctions via Tether USDT even though that is a blatant violation of all kinds of laws.
https://x.com/Cryptadamist/status/1713189874382086492
🧵4/Ω
#Nobitex was just hacked for ~$90 million by Israeli "hacktivists" (or at least that's the story... i don't doubt the hackers were Israeli though I have my doubts as to whether they were just amateurs chipping in for The Cause)
nulltx.com/iran-imposes-c…
#Nobitex was just hacked for ~$90 million by Israeli "hacktivists" (or at least that's the story... i don't doubt the hackers were Israeli though I have my doubts as to whether they were just amateurs chipping in for The Cause)
nulltx.com/iran-imposes-c…
🧵5/Ω
Some of these wallets were frozen before the major seizure of pig butchering assets trumpeted by Coinbase, OKX, and Tether and so it's unlikely these are *all* Iranian wallets (pig butchering is more of a chinese organized crime thing)...
Some of these wallets were frozen before the major seizure of pig butchering assets trumpeted by Coinbase, OKX, and Tether and so it's unlikely these are *all* Iranian wallets (pig butchering is more of a chinese organized crime thing)...
https://x.com/Cryptadamist/status/1937568297085771989
🧵6/Ω
...but the top 4 of these wallets (sorted by total historical USDT dollars received) were all frozen four days ago, two days after the announcement of the pig butchering seizure, so they almost certainly not part of that seizure.
...but the top 4 of these wallets (sorted by total historical USDT dollars received) were all frozen four days ago, two days after the announcement of the pig butchering seizure, so they almost certainly not part of that seizure.
🧵7/Ω
Tether has historically semi-openly assisted Iranians (and maybe the IRGC, a terrorist organization) defy international sanctions.
In fact the founders of Tether have been photographed w/Iranian money launderers:
Tether has historically semi-openly assisted Iranians (and maybe the IRGC, a terrorist organization) defy international sanctions.
In fact the founders of Tether have been photographed w/Iranian money launderers:
https://x.com/Bitfinexed/status/1723101888084668700
🧵8/Ω
I did a 🧵 that included a lot of (though by no means all or even most) of the voluminous evidence of Iranians using Tether to avoid sanctions, focused on America's Secretary of Commerce #HowardLutnick.
Here's a post from it; scroll up for the rest:
I did a 🧵 that included a lot of (though by no means all or even most) of the voluminous evidence of Iranians using Tether to avoid sanctions, focused on America's Secretary of Commerce #HowardLutnick.
Here's a post from it; scroll up for the rest:
https://x.com/Cryptadamist/status/1844081838572306751
@Timodc @JustinElliott @ChrisMurphyCT @molly0xFFF @ParrotCapital @MikeBurgersburg @ryangrim @RealJimChanos @CasPiancey @SeanCasten @propublica
@threadreaderapp unroll
🧵9/Ω
Also a good time to remember that #JustinSun, the Chinese crypto bro who made the blockchain that the Iranians use almost exclusively for dollar transfers, is now the business partner of the president of the united states.
forbes.com/sites/zachever…
Also a good time to remember that #JustinSun, the Chinese crypto bro who made the blockchain that the Iranians use almost exclusively for dollar transfers, is now the business partner of the president of the united states.
forbes.com/sites/zachever…
🧵10/Ω
It's not just Justin Sun. Binance, the largest crypto market, was called out by Reuters (@AABerwick) for $8 billion in transfers to/from Iranian exchanges a few years ago
After that Iranians started to disguise their on chain activity esp. on Tron.
It's not just Justin Sun. Binance, the largest crypto market, was called out by Reuters (@AABerwick) for $8 billion in transfers to/from Iranian exchanges a few years ago
After that Iranians started to disguise their on chain activity esp. on Tron.
https://x.com/Cryptadamist/status/1935456489885581504
🧵11/Ω
Binance, of course, is *also* now looking into partnering with the president of the United States for #USD1, trump's stablecoin.
Does this all suggest that Trump & his cabinet like Lutnick are profiting by helping Iran arm itself? You be the judge.
wsj.com/finance/curren…
Binance, of course, is *also* now looking into partnering with the president of the United States for #USD1, trump's stablecoin.
Does this all suggest that Trump & his cabinet like Lutnick are profiting by helping Iran arm itself? You be the judge.
wsj.com/finance/curren…
🧵12/Ω
Trump did of course see to it that fraud charges (and probably a broader investigation) against Justin Sun were dropped after Sun gave the Trump family ~$50 million. (cc: @SilvermanJacob @ZekeFaux)
jacobsilverman.com/p/the-presiden…
Trump did of course see to it that fraud charges (and probably a broader investigation) against Justin Sun were dropped after Sun gave the Trump family ~$50 million. (cc: @SilvermanJacob @ZekeFaux)
jacobsilverman.com/p/the-presiden…
🧵13/Ω
...and Binance's ex-CEO seems to be angling to get his firm and himself a pardon even though he admitted running possibly the single greatest money laundering operation in history (including that aforementioned $8 billion to Iranian exchanges).
banking.senate.gov/imo/media/doc/…
...and Binance's ex-CEO seems to be angling to get his firm and himself a pardon even though he admitted running possibly the single greatest money laundering operation in history (including that aforementioned $8 billion to Iranian exchanges).
banking.senate.gov/imo/media/doc/…
@threadreaderapp unroll
🧵14/Ω
I also suspect the fact that bitcoin mining "output" saw a large and sudden unexpected drop off since the troubles began between israel and iran is also extremely related to all these frozen Tether wallets.
I also suspect the fact that bitcoin mining "output" saw a large and sudden unexpected drop off since the troubles began between israel and iran is also extremely related to all these frozen Tether wallets.
https://x.com/UnderCoercion/status/1937534444589469948
🧵15/Ω
It would take more digging to 100% prove that at least some of these wallets are linked to the iranian crypto industry... but i've spent a lot of time understanding the activities of the Iranian exchanges on Tron, and i will just say that the signs are all there.
It would take more digging to 100% prove that at least some of these wallets are linked to the iranian crypto industry... but i've spent a lot of time understanding the activities of the Iranian exchanges on Tron, and i will just say that the signs are all there.
🧵16/Ω
It's also worth mentioning a comparable wave of Tron wallets getting frozen by Tether came in the aftermath of the October 7th attacks when Israeli intelligence got extremely interested in what was going on with USDT on Tron
This feels like that.
wsj.com/finance/curren…
It's also worth mentioning a comparable wave of Tron wallets getting frozen by Tether came in the aftermath of the October 7th attacks when Israeli intelligence got extremely interested in what was going on with USDT on Tron
This feels like that.
wsj.com/finance/curren…
🧵17/Ω
and btw i'm not proposing some sinister conspiracy theory where these guys are actively trying to make iranian money. i'm just proposing that these are dumb and careless people who are happy to look the other about things as profitable as tether.
and btw i'm not proposing some sinister conspiracy theory where these guys are actively trying to make iranian money. i'm just proposing that these are dumb and careless people who are happy to look the other about things as profitable as tether.
https://x.com/Cryptadamist/status/1937700298170204336
🧵18/Ω
if i were actually hazarding a guess i'd say that most of these wallets are probably related to the busted scammers in asia but sprinkled in there are some iranians who are going unnoticed as the press focuses its attention on the big scam bust.
if i were actually hazarding a guess i'd say that most of these wallets are probably related to the busted scammers in asia but sprinkled in there are some iranians who are going unnoticed as the press focuses its attention on the big scam bust.
🧵19/Ω
i'll also mention that the head of Shin Bet (AKA "the Israeli intelligence agency that's not Mossad") just kinda accused the Netanyahu family of using crypto (Tether in particular) to launder money
(i don't know if that's relevant but...)
i'll also mention that the head of Shin Bet (AKA "the Israeli intelligence agency that's not Mossad") just kinda accused the Netanyahu family of using crypto (Tether in particular) to launder money
(i don't know if that's relevant but...)
https://x.com/ImDrinknWyn/status/1908235690175062055
🧵19/Ω
Interestingly june isn't as big an outlier on blacklist/seizure related metrics as i was expecting... but May was a big outlier.
raw data: dune.com/queries/5344299
Interestingly june isn't as big an outlier on blacklist/seizure related metrics as i was expecting... but May was a big outlier.
raw data: dune.com/queries/5344299
🧵20/Ω
fwiw i find it more or less impossible to believe that israeli hackers knew where nobitex's wallets were but the israeli authorities didn't seize the Iranians' Tether.
Tether seizes assets whenever Israel asks and has since even before oct. 7th.
fwiw i find it more or less impossible to believe that israeli hackers knew where nobitex's wallets were but the israeli authorities didn't seize the Iranians' Tether.
Tether seizes assets whenever Israel asks and has since even before oct. 7th.
https://x.com/Cryptadamist/status/1937696516732309680
🧵21/Ω
Here's some fancy historical charts that give some imperfect insight into Tether's blacklist activity each month since January 2023. in particular note that last month had the most blacklisted wallets in Tether history.
* Dune Dashboard Link: dune.com/crypto_oracle/…
Here's some fancy historical charts that give some imperfect insight into Tether's blacklist activity each month since January 2023. in particular note that last month had the most blacklisted wallets in Tether history.
* Dune Dashboard Link: dune.com/crypto_oracle/…
this link is broken now because dune broke my shit but you can use this link to get the same data:
https://x.com/Cryptadamist/status/1937890060503842928
🧵22/Ω
My hunch after perusing the pre-attack spike in Tether blacklistings is Israel started issuing seizure orders for USDT wallets connected to Iranian exchanges well before the attack, back in May.
sometimes israel posts their seizure orders so let's see if they turn up...
My hunch after perusing the pre-attack spike in Tether blacklistings is Israel started issuing seizure orders for USDT wallets connected to Iranian exchanges well before the attack, back in May.
sometimes israel posts their seizure orders so let's see if they turn up...
@ImDrinknWyn p.s. when i put my largest tinfoil hat on i start to wonder if israel is using Tether to infiltrate and destabilize Iran and its regional groups... and/or actively working with them / financially supporting them.
would explain a hell of a lot about tether's continued existence
would explain a hell of a lot about tether's continued existence
🧵23/Ω
well well well... here's an israeli seizure order from Tron addresses they claim belong to Hamas from early may.
what's interesting here is that these 4 wallets are tiny - biggest one got $31k Tether in its life.
but...
well well well... here's an israeli seizure order from Tron addresses they claim belong to Hamas from early may.
what's interesting here is that these 4 wallets are tiny - biggest one got $31k Tether in its life.
but...
🧵24/Ω
...in literally the same invocation of its on chain blacklist() method that Tether executed to seize the tiny wallets Israel claimed belonged to Hamas there were a bunch of other wallets that got seized.
wallets with much more activity.
...in literally the same invocation of its on chain blacklist() method that Tether executed to seize the tiny wallets Israel claimed belonged to Hamas there were a bunch of other wallets that got seized.
wallets with much more activity.
🧵25/Ω
realized that maybe some people don't know #Nobitex and the Iranian exchanges are like chain ghosts... unlike most crypto exchanges they:
1. don't publicize their wallet addresses
2. change addresses every ~3 months
2. disguise their txns
realized that maybe some people don't know #Nobitex and the Iranian exchanges are like chain ghosts... unlike most crypto exchanges they:
1. don't publicize their wallet addresses
2. change addresses every ~3 months
2. disguise their txns
https://x.com/Cryptadamist/status/1937778139729654228
🧵26/Ω
That's why it's notable that we have 100% confirmation Israelis found Nobitex's on chain wallets (it's annoying to find them but it's not like, rocket science).
Once you find the wallets you can ask Tether to seize the USDT tokens in those wallets, which israel does.
That's why it's notable that we have 100% confirmation Israelis found Nobitex's on chain wallets (it's annoying to find them but it's not like, rocket science).
Once you find the wallets you can ask Tether to seize the USDT tokens in those wallets, which israel does.
🧵27/Ω
Another case where Israel's publicly disclosed seizure orders only named 2 wallets but whoever was doing the clicking of the blacklist button at Tether HQ seized 4 wallets at the same time.
my strong hunch is that these are undisclosed seizures by israel.
Another case where Israel's publicly disclosed seizure orders only named 2 wallets but whoever was doing the clicking of the blacklist button at Tether HQ seized 4 wallets at the same time.
my strong hunch is that these are undisclosed seizures by israel.
🧵28/Ω
And again...
And again...
🧵29/Ω
I think I found one of the wallets in the massive Asian scammer bust from a few weeks ago. it's a big network, classic #Tron washing machine vibes.
Looks like they were using #Kraken to launder some of the funds (most of $100 million).
intel.arkm.com/explorer/addre…
I think I found one of the wallets in the massive Asian scammer bust from a few weeks ago. it's a big network, classic #Tron washing machine vibes.
Looks like they were using #Kraken to launder some of the funds (most of $100 million).
intel.arkm.com/explorer/addre…
🧵30/Ω
Can't say for sure but TGsNFrgWfbGN2gX25Wcf8oTejtxtQkvmEx has some hallmarks of a Nobitex wallet:
1. decent volume (~$123 mil lifetime)
2. activated 8 months ago
3. (most important) hexadecimal smart contract function names (usually it's "Transfer", "Accept", etc)
Can't say for sure but TGsNFrgWfbGN2gX25Wcf8oTejtxtQkvmEx has some hallmarks of a Nobitex wallet:
1. decent volume (~$123 mil lifetime)
2. activated 8 months ago
3. (most important) hexadecimal smart contract function names (usually it's "Transfer", "Accept", etc)
@ImDrinknWyn something is not right here
@ImDrinknWyn the Chinese Huione seizures were from late 2024, which i guess makes a bit of sense? but the fact that the crypto industry + Trump law enforcement are making a big hue and cry about USDT that was seized almost two years ago is giving me the creeps.
feels like a press strategy.
feels like a press strategy.
@ImDrinknWyn also there was definitely a knives out period pre Bessent announcement where someone was doing their best to kill lutnick's chances. they were specifically using the tether connection to do it; i remember a whole WSJ article about it.
@ImDrinknWyn > "what I got out of the press release is the confirmation that Tether is actively working with DOJ which is a BFD…"
FWIW this is not the first time... there's been a few USSS pressers that said "we thank Tether for their cooperation" that Tether has trumpeted about
FWIW this is not the first time... there's been a few USSS pressers that said "we thank Tether for their cooperation" that Tether has trumpeted about
🧵31/Ω
ok so this was completely wrong, because the large asian scammer seizures happened in 2023.
meaning someone who was moving a lot of Tether just got their funds frozen without so much as a peep from any law enforcement.
ok so this was completely wrong, because the large asian scammer seizures happened in 2023.
meaning someone who was moving a lot of Tether just got their funds frozen without so much as a peep from any law enforcement.
https://x.com/Cryptadamist/status/1937919250041123061
🧵32/Ω
3 weeks ago the guy who pushes the blacklist() button at Tether froze a series of wallets through which over $4 billion worth of USDT had passed over the course of the last few years, at least $1 bn of it to/from Binance, and there was zero press about it
3 weeks ago the guy who pushes the blacklist() button at Tether froze a series of wallets through which over $4 billion worth of USDT had passed over the course of the last few years, at least $1 bn of it to/from Binance, and there was zero press about it
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