US Seeks Forfeiture of $61M in Crypto Tied to Alleged Iranian Oil Scheme
US authorities are seeking to seize approximately $61 million in cryptocurrency linked to alleged Iranian oil sales on the black market. The funds, reportedly laundered through Chinese companies Blessed Trust and Hexa Whale using Binance trading accounts, were intended to finance Iran's government and military.
The civil forfeiture complaint alleges that these companies presented themselves as wealth management or crypto custody businesses while converting Iranian oil payments from conventional currency into cryptocurrency.
Prosecutors say the companies helped route payments through interconnected wallets identified as 'Entity A,' which received and distributed over $1.5 billion in oil proceeds, separate from the targeted $61 million.
The US government is cracking down on Iran's cryptocurrency activity, with Treasury expanding its authority to sanction participants in the digital asset sector in August.