$61M in Cryptocurrency Targeted by U.S. Authorities Over Alleged Iranian Oil Smuggling
U.S. authorities have filed a civil forfeiture complaint against $61 million in cryptocurrency allegedly linked to black-market sales of sanctioned Iranian crude oil and petroleum products.
The funds are said to be tied to two Chinese companies, Blessed Trust and Hexa Whale, which used trading accounts at Binance to launder the proceeds and funnel them to the Government of Iran, its agents, proxies, and the Islamic Revolutionary Guard Corps, a designated terrorist organization.
Prosecutors claim that Blessed Trust presented itself as a wealth management and virtual asset custody firm but instead handled proceeds from Iranian crude oil and petroleum product sales. The company allegedly helped clients convert traditional currency into cryptocurrency through 'on-ramp' services, including transactions involving US-based crypto issuers.