US sanctions exposed a $6.3 billion crypto pipeline linking Iran and Russia

On Aug. 7, US authorities sanctioned Shelbit and Aban Tether, two Iranian-linked crypto platforms accused of facilitating transactions tied to Iran’s Islamic Revolutionary Guard Corps and other state-linked entities.

The Treasury Department also sanctioned Shelbit founder Siavash Kayvanpour and several companies connected to him in Georgia, Poland and the United Arab Emirates.

It said IRGC-linked wallets sent more than $1 million to Shelbit addresses, while more than $2 million flowed in the opposite direction. Wallets controlled by Kayvanpour also sent more than $2 million to Nobitex, Iran’s largest crypto exchange.

Aban Tether, which does not appear to be affiliated with stablecoin issuer Tether, was separately accused of processing millions of dollars involving sanctioned Iranian exchanges including Nobitex, Wallex, Bitpin and Ramzinex.

Shelbit operated more like a settlement network than an exchange

While Shelbit presented itself as a crypto exchange, its blockchain activity looked markedly different from a conventional trading venue.

TRM Labs traced more than $6.3 billion through Shelbit-linked wallets over 23 months between May 2024 and March 2026.

According to the blockchain analytical firm, activity accelerated sharply during that period, with monthly volume rising from single-digit millions in 2024 to more than $600 million for six consecutive months in the second half of 2025. November alone accounted for about $735 million.