Inca Digital traced $344M of IRGC money on Tron. Tether froze it all after a US court order. $20B in dormant gold-star FSIA judgments finally found their funds.

Iran’s Islamic Revolutionary Guard Corps. Elite military. Designated a Foreign Terrorist Organization by the US in 2019. Sanctioned, banned, blacklisted across the global financial system. Operating across it anyway, through front companies in soft jurisdictions and hawala networks that don’t keep receipts.

Inca Digital, OSINT firm led by Adam Zarazinski working with DOJ (and many others) to hunt financial crime across public blockchains. Maps wallet addresses, scrapes dark-web breaches, tracks social media, weaponizes AI across it all, connects on-chain pseudonyms to off-chain identities. Sees what banks don’t.

31 mandatory trainings done on time. Ends every email with “I appreciate you following rules and procedures” and means it.

Watch as the single most important transaction of Joe’s career marches straight past him, out the gates, into the hands of the IRGC.

Watch how she funds IRGC without knowing anything about it.

Every checkpoint did its job before the last. Nobody had a reason to suspect the link in front of them. Once the money moves, nobody can pull it back.

Two weeks ago, four things had to come together. They did.

Apologies to my friend Chris Perkins: privateering, as it turns out, is already legal and Inca Digital is already lawfaring.

While everyone fights about SWIFT and incremental KYC reforms, an American intel firm found & groze illicit money that slipped through Joe & Dawn’s fingers.

(Which should come with balloons 🎈)