Dubai Crypto Exchange Linked to Global Gambling Network
An investigation by Shelbit has uncovered a vast crypto gambling network that allegedly moved billions of dollars in digital assets and potentially provided access to international financial channels for sanctioned Iranian entities.
The investigation, based on blockchain analysis, identified Shelbit, an unlicensed cryptocurrency exchange, as a central point in the network involving over 2,000 Farsi-language gambling websites. The exchange allegedly processed at least $4 billion in transactions from May 2024 onward.
Blockchain records reviewed by investigators showed that cryptocurrency transactions connected to the gambling platforms passed through Shelbit before reaching major international exchanges. Tens of millions of dollars generated through these sites flowed into wallets associated with the Dubai-based exchange.
The investigation also identified alleged financial connections between Shelbit and entities linked to Iran, including its central bank and cryptocurrency wallets associated with the Islamic Revolutionary Guard Corps.