DOJ Targets $61M in Crypto Linked to Iranian Oil Black Market
The US Department of Justice has filed a civil complaint seeking to seize approximately $61 million in cryptocurrency allegedly tied to Iranian black-market oil sales. Prosecutors claim that two Chinese companies, Blessed Trust Limited and Hexa Whale Trading Limited, used Binance accounts to move funds through a broader network that handled over $1.5 billion in oil proceeds.
Blessed Trust presented itself as a wealth management and digital-asset custody business, while Hexa Whale described itself as a commodities broker. Authorities allege both companies provided fiat-to-crypto conversion services for oil transactions involving Chinese buyers, connecting Binance trading accounts with cryptocurrency issuers and other financial channels.
The $1.5 billion network extends beyond the targeted funds, with prosecutors saying interconnected self-custody addresses received and distributed more than $1.5 billion in Iranian oil proceeds. Those transfers allegedly reached IRGC-linked money services businesses, cryptocurrency addresses, and an Iranian exchange.