Iran's Largest Gambling Network Uncovered in Dubai

A major Iranian gambling network has been uncovered, routing millions of dollars in cryptocurrency through an office in Dubai to evade at least $4 billion in Iranian sanctions. The network, led by two prominent Iranian influencers with close ties to the authorities, uses Shelbit, an unregulated cryptocurrency exchange headed by an Iranian expatriate, as a hub for money movement.

Shelbit has processed at least $4 billion in cryptocurrency since May 2024 and transferred hundreds of millions of dollars to prominent players in the sector, including Binance. The network also interacts directly with Iran's central bank, global wallets linked to Israel and the IRGC, and an Iranian exchange previously sanctioned by the United States.

According to Rich Sanders, a blockchain analyst, 'This is an IRGC operation, and it is clearly visible.' Shelbit's flows continued despite the escalation of conflict between the US and Israel in February. The investigation also found that the IRGC had taken control of Iran's largest gambling websites and used them to move money abroad.