Shelbit Exposed: $4 Billion in Transactions Linked to Illegal Gambling Operation

A Reuters investigation has uncovered a massive illegal gambling operation that utilized the unlicensed crypto exchange Shelbit. Since May 2024, Shelbit processed at least $4 billion in transactions, with $250 million specifically funneled through online betting sites.

The network of over 2,000 platforms, which spans across multiple countries, used Shelbit to move and process funds. Flows from Shelbit also reached major crypto exchanges, including Binance, which has responded by freezing associated accounts.

The U.S. Treasury is reviewing the allegations, which suggest a connection between Shelbit's network and Iran's sanctioned Central Bank as well as wallets linked to the Islamic Revolutionary Guard Corps (IRGC). Direct ties to IRGC remain unconfirmed, but financial flows analyzed by Reuters imply a strong link.