$61 Million Crypto Forfeiture Targets Alleged Iranian Oil Smuggling

US authorities have filed a civil forfeiture complaint against approximately $61 million in cryptocurrency allegedly laundered by two Chinese companies, Blessed Trust and Hexa Whale. The money is tied to black-market sales of sanctioned Iranian crude oil and petroleum products.

The U.S. Attorney's Office claims that Blessed Trust presented itself as a wealth management firm but instead handled proceeds from Iranian crude oil sales and helped clients convert traditional currency into cryptocurrency through 'on-ramp' services.

Hexa Whale, which marketed itself as a commodities brokerage, allegedly provided similar services to Blessed Trust while working with the company and its affiliates.

The network of unhosted cryptocurrency addresses known as Entity A received and distributed more than $1.5 billion in illicit oil proceeds, with the Chinese firms using the US financial system to send or receive tens of millions of dollars as part of the scheme.