Over 42 million account holders…..
Jerusalem_Post: The data center of Bank Sepah, Iran’s largest bank responsible for paying salaries to members of the Iranian military and the Islamic Revolutionary Guard Corps (IRGC), has been hit.
This is potentially massive. Here's why the Bank Sepah data center hit matters far beyond delayed paychecks:
1/ Iran is already in the middle of a severe cash liquidity crisis. As of Jan 2026, banks were running out of physical banknotes daily, with informal withdrawal caps of just $18–$30/day. Cash in circulation surged 49% YoY due to panic hoarding. The regime simply cannot pivot to cash payments, there isn't enough physical currency in the system.
2/ Bank Sepah isn't just "a bank." In 2019-2020, five IRGC/Basij-affiliated banks, Ansar Bank, Mehr Eqtesad Bank (IRGC), Ghavamin Bank (police), Hekmat Iranian Bank, and Kosar Credit Institution (defense ministry), were all merged into Bank Sepah. Their ~1,800 branches still operate nationwide. This strike cripples the IRGC's consolidated financial backbone.
3/ Bank Sepah maintains foreign branches in Paris, Rome, Frankfurt, and a wholly-owned subsidiary, Bank Sepah International plc in London. This disruption may cut access between Tehran HQ and those foreign operations, presenting a unique window for host governments to freeze operations and for staff to defect.
4/ Mid and low-level IRGC and Basij forces depend on government salaries. If they don't get paid, their willingness to brutally suppress protesters, as they did in the Jan 2026 crackdown killing thousands, is seriously undermined. Unpaid security forces are unreliable security forces.
5/ BUT; the senior IRGC leadership doesn't rely on salaries. The IRGC controls an estimated $30–$50 billion in annual economic turnover across oil, construction, telecom, agriculture, and smuggling. Their budget just tripled to $12.4B in direct oil revenue. IRGC-affiliated foundations account for over half of Iran's GDP.
6/ So while hitting Bank Sepah disrupts the regime's ability to pay its foot soldiers, the IRGC's hands must be cut from across Iran's entire economy — their construction monopolies (Khatam al-Anbiya), their crypto operations ($3B+ in 2025), their smuggling networks, and their shadow banking. Sanctions must target the empire, not just the salary line.