Commodities
$1.5 Billion Illicit Iranian Oil Network Uncovered through Crypto Tracking
US authorities have been tracking a massive $1.5 billion illicit Iranian oil network that used cryptocurrency to funnel funds to the Iranian government and the IRGC.
The operation involved two Hong Kong-based companies, Blessed Trust and Hexa Whale, which allegedly used Binance crypto trading accounts to handle money from Iranian oil and petroleum sales.
According to prosecutors, the funds were laundered through the cryptocurrency market and eventually ended up with the Iranian government, IRGC, and related groups.
The US Department of Justice is seeking forfeiture of about $61 million in crypto tied to this illicit network, which it says is just a small part of the larger scheme that moved over $1.5 billion from illegal Iranian oil sales.