US Seeks to Seize $61 Million in Crypto from Black Market Oil Sales
The US Department of Justice has filed a civil lawsuit to seize $61 million in cryptocurrency allegedly used by Iran to finance its military and government through the sale of black market oil. The funds were laundered through two Chinese companies, Blessed Trust and Hexa Whale, which used Binance to transfer illicit funds to the Iranian government.
According to the complaint, Blessed Trust posed as a firm that manages capital or provides virtual asset custody services, but it received and transferred funds from US-based cryptocurrency issuers. Hexa Whale also provided similar services in collaboration with Blessed Trust and its affiliates.
The companies' clients are enterprises in China's oil and petroleum products sector, with China being one of the largest buyers of Iranian oil. In 2025, it accounted for more than 80% of Iran's seaborne oil exports, or an average of 1.4 million barrels per day.
The US has imposed sanctions against a Chinese oil refinery that refines Iranian oil and Iran's 'shadow fleet.' The country also froze $344 million in Iranian funds held in cryptocurrency. This is the latest move to curb Iran's use of cryptocurrency to circumvent sanctions, which was first reported by the Financial Times in September.