US Seeks Forfeiture of $61 Million in Crypto Linked to Alleged Iranian Oil Scheme

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.

“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.