$61M in Crypto Proceeds Seized from Iran's Black-Market Oil Sales

U.S. prosecutors have filed a civil forfeiture complaint against $61 million in cryptocurrency proceeds linked to Iran's black-market sales of crude oil and petroleum products.

The Department of Justice (DOJ) alleges that the funds were destined for the Iranian government and its military branches, including the Islamic Revolutionary Guard Corps (IRGC), a U.S.-designated terrorist organization.

According to the DOJ, the money was laundered through a complex web of unhosted cryptocurrency wallets, with two Chinese companies, Blessed Trust and Hexa Whale, acting as primary facilitators. These firms used trading accounts on Binance to wash the illicit funds before funneling them back to the Iranian government and its proxies.

The DOJ stated that this action demonstrates their determination to deprive the Government of Iran and its terrorist proxies of the illegal money they rely on to threaten global security.