US Seeks Forfeiture of $61 Million in Crypto Linked to Alleged Iranian Oil Scheme

Federal prosecutors have filed a civil forfeiture complaint seeking to seize approximately $61 million in cryptocurrency linked to alleged black-market Iranian oil sales. The funds, which total over $1.5 billion, were allegedly laundered by Chinese companies Blessed Trust and Hexa Whale through Binance trading accounts.

The complaint alleges that the two companies converted Iranian oil payments from conventional currency into cryptocurrency, helping to route payments through interconnected wallets identified as 'Entity A.' These wallets sent funds to IRGC-linked businesses, cryptocurrency addresses, and an Iranian exchange.

Blessed Trust allegedly presented itself as a wealth management or crypto custody business while providing these services. Hexa Whale described itself as a commodities broker but provided similar services. The companies' actions allowed the government of Iran to launder illicit oil money intended for the military and IRGC, a U.S.-designated terrorist organization.

The filing is part of a broader crackdown on Iran's cryptocurrency activity. In August, Treasury expanded its authority to sanction participants in Iran's digital asset sector following July sanctions that prompted Tether to freeze over $131 million across four Tron wallets.