Arthur Hayes Challenges IRGC to Prove Bitcoin Holdings

Arthur Hayes, co-founder of BitMEX, posted on X this week demanding cryptographic proof that Iran’s Islamic Revolutionary Guard Corps controls Bitcoin addresses it has been linked to. Hayes said he wanted verifiable on-chain evidence rather than public statements.

He outlined acceptable forms of proof: a message signed with a private key tied to a known address, a transaction moving coins to an address under independent control, or transfers from addresses the IRGC has previously referenced.

The IRGC has not produced the cryptographic evidence Hayes requested. Iranian officials have defended use of digital assets to raise revenue and to ease the impact of international sanctions. Authorities have reported cryptocurrency seizures in law enforcement actions, but public, on-chain attribution to the IRGC remains disputed.

Blockchain records are public, but linking wallets to named organizations typically requires voluntary disclosure or independent forensic analysis. Hayes wrote that voluntary disclosure would allow anyone to verify control and suggested a signed message or a demonstrable transfer would settle the question.

He added, “I will happily take the theater out of the claim.”

The exchange comes amid growing attention to Iran’s use of digital assets. Iran has allowed regulated cryptocurrency mining while periodically cracking down on unauthorized miners. Western officials and analysts have raised concerns that state-linked actors could use cryptocurrencies to move value across borders despite sanctions.