$6.3 Billion Crypto Pipeline Exposed Linking Iran and Russia

US authorities have exposed a $6.3 billion crypto pipeline linking Iran and Russia.

The sanctions, announced on August 7, targeted Shelbit, an Iranian-linked platform accused of facilitating transactions tied to Iran's Islamic Revolutionary Guard Corps (IRGC) and other state-linked entities.

The Treasury Department also sanctioned Shelbit founder Siavash Kayvanpour and several companies connected to him in Georgia, Poland, and the United Arab Emirates.

According to TRM Labs, a blockchain analytical firm, IRGC-linked wallets sent more than $1 million to Shelbit addresses, while more than $2 million flowed in the opposite direction. Wallets controlled by Kayvanpour also sent over $2 million to Nobitex, Iran's largest crypto exchange.

Aban Tether, a separate Iranian platform, was accused of processing millions of dollars involving sanctioned exchanges including Nobitex, Wallex, Bitpin, and Ramzinex.