Iran executes protest figures amid rising unrest and internet crackdown

## Market Snapshot Market: Iranian Regime Fall Current Pricing: 0.1% YES for April 30, 6.5% YES for June 30 Trend: Slight increase in June 30 market, stable at 0.1% for April 30

## Key Takeaways – The escalation in domestic repression appears to suggest increasing instability within Iran. – The execution of protest figures and arrests related to Starlink usage are consistent with heightened regime vulnerability. – Market pricing reflects a moderate increase in the perceived likelihood of regime change by June.

## Article Body In Iran, domestic unrest continues to escalate amid a severe internet blackout that has persisted for over two months. Recent reports describe the fatal beating of an Iranian man for using Starlink to bypass the blackout, alongside the execution of Sassan Azadvar, a prominent karate champion involved in protests. These incidents are part of the larger context of nationwide protests triggered by the ongoing conflict with Israel and the United States, which began with airstrikes on Iran in late February 2026. The Iranian government’s crackdown on communication has included seizing Starlink devices and executing at least 21 individuals since the conflict’s onset. The situation underscores the regime’s attempts to suppress dissent during a period of heightened vulnerability.

## Market Interpretation The developments in Iran appear supportive of a YES outcome in markets concerning the fall of the Iranian regime, with an impact bucket classified as Moderate. The ongoing severe repression and high-profile executions suggest increased internal unrest, contributing to a slight increase in market pricing for a regime fall by June. The April market remains largely unchanged, with odds reflecting minimal immediate impact.

## What to Watch Observers should monitor any significant shifts in the Iranian regime’s control, particularly regarding defections within the IRGC or large-scale protests. The US congressional deadline on May 1 could also influence future actions, including potential fresh strikes. Additionally, any international responses or sanctions could further affect the regime’s stability and market pricing.

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