$61M in Crypto Seized from Black-Market Iranian Oil Sales Network

US authorities have taken action against $61 million in cryptocurrency linked to black-market sales of Iranian crude oil. The funds allegedly flowed through a network designed to obscure their origin and ownership, with Chinese firms and crypto wallets involved in the laundering process.

According to the complaint, two Chinese companies, Blessed Trust and Hexa Whale, used accounts on Binance to move the illicit proceeds. Blessed Trust posed as a wealth management and custodial services outfit, while Hexa Whale presented itself as a commodities brokerage.

The US government alleges that these firms funneled oil proceeds to Iran and its proxies, with over $1.5 billion in illicit Iranian oil proceeds laundered through the network.

FBI Assistant Director James Barnacle stated that the bureau remains committed to tracking down illicit crypto flows, while Deputy US Attorney Sean Buckley emphasized America's resolve to deprive Iran and its proxies of illegal funds.