$4 Billion Iranian Sanctions Evasion Network Uncovered in Crypto Exchange

A $4 billion Iranian sanctions evasion network has been uncovered by Reuters, centered on Dubai-based crypto exchange Shelbit. The investigation found that Shelbit processed billions of dollars through global crypto markets, including Binance, and was linked to Iran's central bank and IRGC-connected wallets.

The network used online gambling websites, with over 2,000 sites fronted by two Iranian influencers with high-level government connections. One of the men, Sasha Sobhani, is the son of a former senior Iranian diplomat and government minister.

The investigation also found that Shelbit interacted directly with Iran's central bank, IRGC-connected wallets, and Nobitex, an Iranian exchange sanctioned earlier this year. The crypto flows continued even after the Islamic Republic bombed the United Arab Emirates in February.