U.S. Seizes $61M in Crypto Linked to Sanctioned Iranian Oil Sales

The U.S. government has taken steps to seize $61 million in cryptocurrency linked to Iran's illicit oil sales and petroleum products. The funds were allegedly laundered through a network of intermediaries in China, with proceeds routed to Iran's government and military arms, including the Islamic Revolutionary Guard Corps.

According to a civil forfeiture complaint filed by the U.S. Attorney's Office for the Southern District of New York, Tehran used Chinese companies Blessed Trust and Hexa Whale to process oil proceeds through trading accounts at Binance. The complaint alleges that these companies offered fiat-to-crypto on-ramp services, including using U.S.-based cryptocurrency issuers.

Blessed Trust and Hexa Whale allegedly worked together to route money from black-market oil sales to Iran's government, its operatives, and proxy organizations, where it was used for terrorism and other hostile actions. The complaint states that both companies have used the U.S. financial system to send or receive tens of millions of dollars as part of this scheme.