NY Prosecutors Target $61M in Iranian Oil Crypto Revenue

The U.S. Attorney’s Office for the Southern District of New York announced a civil forfeiture complaint seeking approximately $61 million in cryptocurrency, which American officials claim stems from illicit sales of sanctioned Iranian crude oil and petroleum products.

According to a U.S. Department of Justice (DOJ) statement released on Monday, September 14, 2026, the assets represent black-market oil revenues intended for the Iranian government and military entities, including the Islamic Revolutionary Guard Corps (IRGC).

Shawn S. Buckley, Deputy U.S. Attorney for the Southern District of New York, alongside James C. Barnacle Jr., Special Agent in Charge at the FBI New York Field Office, announced the filing.

Prosecution filings allege that Tehran used a network of front companies and cryptocurrency actors across China and other jurisdictions to launder over $1.5 billion in oil proceeds, funneling portions directly to financial service providers and crypto addresses linked to the IRGC.

The case targets two Chinese firms: “Blessed Trust” and “Hexa Whale.” Prosecutors contend that both entities utilized business accounts on the Binance crypto exchange in the UAE to receive, convert, and transfer funds derived from Iranian oil sales.