Hassan Maishera
TL;DR
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The DOJ is seeking the forfeiture of approximately $61 million in crypto allegedly linked to sanctioned Iranian oil sales.
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Prosecutors claim the proceeds were intended to support Iran’s government, military, and IRGC-affiliated entities.
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Chinese companies Blessed Trust and Hexa Whale allegedly used Binance accounts to launder the funds.
The US Department of Justice has filed a civil forfeiture complaint targeting approximately $61 million in cryptocurrency allegedly connected to black-market sales of sanctioned Iranian crude oil and petroleum products.
Federal prosecutors claim the proceeds were intended to support the Iranian government and its military organizations, including the Islamic Revolutionary Guard Corps. The United States designates the IRGC as a foreign terrorist organization.
Deputy US Attorney Sean Buckley said the action demonstrates the government’s intention to prevent Iran and its proxies from accessing funds allegedly used to threaten US citizens and others.
Chinese Companies Allegedly Laundered Oil Proceeds
According to the DOJ’s Monday announcement, two Chinese companies—Blessed Trust and Hexa Whale—allegedly used Binance trading accounts to launder proceeds from sanctioned Iranian oil sales.
Prosecutors claim the companies converted and transferred the funds to the Iranian government and its affiliated groups.
Blessed Trust reportedly presented itself to other financial services providers as a digital asset custody company. However, the DOJ alleges it also offered fiat-to-cryptocurrency conversion services for transactions connected to Iran.
Hexa Whale allegedly provided similar financial services while describing itself as a commodities brokerage. Both companies reportedly served Chinese businesses involved in the oil and petroleum products industry.
The allegations have not yet been proven in court, and a civil forfeiture complaint does not itself establish criminal liability.
Crypto Network Allegedly Processed Over $1.5 Billion
The DOJ said its investigation identified a group of interconnected, self-hosted cryptocurrency addresses that received and distributed more than $1.5 billion in proceeds allegedly generated through illicit Iranian oil sales.
Investigators collectively referred to the network as “Entity A.” According to prosecutors, Entity A transferred funds to businesses and cryptocurrency addresses connected to the IRGC, as well as to an Iranian cryptocurrency exchange. Blessed Trust and Hexa Whale allegedly played significant roles in facilitating those transactions.
The $61 million targeted in the complaint represents a portion of the wider transaction network identified by investigators.
The forfeiture action forms part of a wider US effort to restrict Iran’s access to revenue from oil, shipping and digital assets.
Treasury Secretary Scott Bessent recently announced plans for additional secondary sanctions targeting Iran’s revenue sources. The measures are expected to focus on cryptocurrency, technology, aviation, gold and shipping.
US officials have described the expanded enforcement campaign as an “economic D-Day” intended to increase financial pressure on Tehran.
Nobitex Previously Targeted by US Sanctions
In June, the United States sanctioned Nobitex, Iran’s largest cryptocurrency exchange.
US authorities alleged that Nobitex played an important role in sanctions evasion, terrorist financing and transactions associated with the IRGC.
The latest forfeiture complaint demonstrates how cryptocurrency platforms, conversion services and self-hosted wallets have become increasingly important targets in Washington’s enforcement of sanctions against Iran.
