$1.5 Billion Illicit Iran Oil Network Exposed Through Cryptocurrency Transactions

US authorities have tracked down a massive $1.5 billion illicit Iranian oil network that used cryptocurrency to funnel funds to the Iranian government and the Islamic Revolutionary Guard Corps (IRGC).

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 claim that the funds ultimately went to the Iranian government, IRGC, and related groups.

The DOJ is seeking forfeiture of about $61 million in cryptocurrency tied to this broader network.