Iran-linked Betting Network Allegedly Evades Sanctions with $4 Billion Crypto Transactions
An investigation by Reuters has uncovered an alleged $4 billion illegal betting network linked to Iran that used Shelbit, a Dubai-based unlicensed cryptocurrency exchange, to circumvent international sanctions.
The network, which broadcast in Persian and had over 2,000 betting sites, was promoted by social media influencers Sasha Sobhani and Pooyan Mokhtari. Shelbit handled at least $4 billion in crypto transactions since May 2024, with one of its largest customers being the betting network.
Blockchain analyses suggest that Shelbit also processed transactions linked to the Central Bank of Iran, several Iranian entities under U.S. sanctions, and digital wallets associated with Israel's Islamic Revolutionary Guard Corps (IRGC). Binance stated that no accounts had been opened on behalf of Shelbit and froze user accounts identified as connected to it.