$61M Crypto Seized Amid $1.5B Illicit Iranian Oil Money Network Exposed
US authorities have tracked down $1.5 billion in illicit Iranian oil money that was laundered through cryptocurrency exchanges, including Binance.
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.
Prosecutors say the funds ultimately went to the Iranian government, Iran’s Islamic Revolutionary Guard Corps (IRGC), and related groups.
The illicit network moved over $1.5 billion in cryptocurrency through a series of transactions linked to Entity A, which included at least seven self-custodied crypto addresses.
Blockchain analysis was key to connecting the addresses, as investigators looked at transaction patterns and when each address was first activated.