$61M in USDT Targeted in Forfeiture Action Over Alleged Iran Oil Proceeds

US authorities are seeking to seize $61.2 million in USDT linked to black-market Iranian oil sales, which allegedly passed through a network involving Binance accounts and Hong Kong companies.

The funds were traced back to sales of sanctioned Iranian crude oil and petroleum products intended for the Iranian government and military components.

Prosecutors allege that Blessed Trust and Hexa Whale used Binance trading accounts to move proceeds from Iranian oil sold to Chinese buyers, converting fiat currency into cryptocurrency.

Tether has already frozen $61.19 million across 10 wallets, with individual balances ranging from $1 million to $12.76 million.