$61M in Crypto Seized by US Prosecutors Over Sanctioned Iranian Oil Sales

US prosecutors have filed a civil forfeiture complaint seeking approximately $61 million in cryptocurrency, which American officials claim stems from illicit sales of sanctioned Iranian crude oil and petroleum products.

The funds allegedly represent black-market oil revenues intended for the Iranian government and military entities, including the Islamic Revolutionary Guard Corps (IRGC).

Prosecutors contend that Tehran used a network of front companies and cryptocurrency actors across China and other jurisdictions to launder over $1.5 billion in oil proceeds, funneling portions directly to financial service providers and crypto addresses linked to the IRGC.

The case targets two Chinese firms: “Blessed Trust” and “Hexa Whale.”

According to Shawn S. Buckley, Deputy U.S. Attorney for the Southern District of New York, the action aims to sever access to capital used by Tehran and its proxies to fund military operations, armed groups, and nuclear and missile development.