US Seeks Forfeiture of $61M in Crypto Linked to Alleged Iranian Oil Scheme
Federal prosecutors in the US are seeking to seize $61 million in cryptocurrency allegedly linked to black-market Iranian oil sales. The funds, laundered through Binance trading accounts by Chinese companies Blessed Trust and Hexa Whale, were intended to finance Iran's government and military.
The civil forfeiture complaint alleges that Blessed Trust presented itself as a wealth management or crypto custody business while converting Iranian oil payments from conventional currency into cryptocurrency.
Hexa Whale allegedly provided similar services, helping route payments through interconnected wallets identified as 'Entity A', which received and distributed more than $1.5 billion in oil proceeds.
The wallet network sent funds to IRGC-linked businesses, cryptocurrency addresses, and an Iranian exchange.