US Seeks Forfeiture of $61 Million in Crypto Linked to Alleged Iranian Oil Scheme
TL;DR
U.S. prosecutors are seeking to forfeit $61 million in cryptocurrency linked to alleged Iranian oil sales. The funds are said to support Iran's government and military through a network that handled over $1.5 billion in oil proceeds.
Key points
- U.S. prosecutors seek forfeiture of $61 million in cryptocurrency
- Funds linked to black-market Iranian oil sales
- Allegations involve laundering through Binance accounts
- Over $1.5 billion in oil proceeds handled by the network
- Islamic Revolutionary Guard Corps allegedly benefits
Mentioned in this story
Islamic Revolutionary Guard CorpsBlessed TrustHexa Whale
In brief
- U.S. prosecutors are seeking forfeiture of approximately $61 million in cryptocurrency.
- A related wallet network allegedly handled more than $1.5 billion in Iranian oil proceeds.
- The civil complaint’s allegations remain unproven.
Federal prosecutors are seeking forfeiture of approximately $61 million in cryptocurrency allegedly linked to black-market Iranian oil sales, targeting funds they say were intended to finance Iran’s government and military.
The civil forfeiture complaint announced Monday alleges that Chinese companies Blessed Trust and Hexa Whale used Binance trading accounts to launder proceeds benefiting Iranian entities, including the Islamic Revolutionary Guard Corps, a U.S.-designated terrorist organization.
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“As alleged in the complaint filed today, the Government of Iran used a network of cryptocurrency actors in China and elsewhere to launder more than $1.5 billion in illicit oil money intended to benefit the Iranian military and the terror-designated IRGC,” Deputy U.S. Attorney Sean S. Buckley said in a statement.
Blessed Trust allegedly presented itself as a wealth management or crypto custody business while converting Iranian oil payments from conventional currency into cryptocurrency. Hexa Whale, which described itself as a commodities broker, allegedly provided similar services.
Prosecutors say the companies helped route payments through interconnected wallets identified as “Entity A,” which received and distributed more than $1.5 billion in oil proceeds. The wallets allegedly sent funds to IRGC-linked businesses, cryptocurrency addresses, and an Iranian exchange.
That alleged transaction volume is separate from the approximately $61 million targeted for forfeiture.
Q&A
What is the reason behind the U.S. seeking to forfeit $61 million in cryptocurrency?
The U.S. is targeting the funds due to their alleged connection to black-market Iranian oil sales intended to finance Iran's government and military.
Which companies are involved in the alleged Iranian oil scheme?
The civil complaint mentions Chinese companies Blessed Trust and Hexa Whale as being involved in laundering proceeds benefiting Iranian entities.
What allegations are made against the Islamic Revolutionary Guard Corps?
The Islamic Revolutionary Guard Corps is identified as a U.S.-designated terrorist organization that allegedly benefited from the proceeds of the Iranian oil sales.
