US Sanctions Iranian $6bn Crypto “Exchange” Shelbit

Approximately 88% of activity, around $5.6bn, moved on TRON, almost entirely in dollar-pegged stablecoins, at an average of roughly $54,500 per transfer. Shelbit rebuilt its wallet infrastructure every one to four months across two years of operation, a rotation pattern consistent with deliberate efforts to limit traceability.”

In September, Shelbit apparently sent over $2m in four transfers on a single day to a wallet under the control of Hamas.

TRM also traced $318m to A7, a sanctioned Russian payment network. It said Shelbit was also exposed to Grinex, Rapira, and other sanctioned Russian and Central Asian services, indicating the conduit served more than one sanctioned economy.

Gambling Network Behind Crypto Outflows

Shelbit’s main customers were a Farsi-language online gambling network of more than 2000 websites, the report claimed.

“Two Iranian social media figures front the sites publicly: Sasha Sobhani, son of a former senior Iranian diplomat and government minister, posting from a villa in Madrid; and Pooyan Mokhtari, an influencer and singer. Both advertise conspicuous wealth to audiences in the millions, with a link to a betting site pinned at the top of the profile,” TRM explained.

“Sobhani and Mokhtari deny wrongdoing. Sobhani says he categorically rejects any involvement in money laundering, sanctions evasion, or terrorism financing, and that his role was limited to paid advertising. Mokhtari denies the allegations made against him in Dubai and says he has no affiliation with the IRGC. Both say they did not know Kayvanpour and were unfamiliar with Shelbit. Kayvanpour has not responded to requests for comment.”

TRM traced around $72.6m in exposure between Shelbit and online gambling services, across 55 separate platforms, with the largest single relationship accounting for approximately $46.4m.