DOJ Seeks $61 Million in Crypto Linked to Iranian Oil Network

In Brief:

• U.S. prosecutors seek forfeiture of $61 million in cryptocurrency allegedly connected to sanctioned Iranian oil sales and military financing networks.
• Blessed Trust and Hexa Whale allegedly used Binance accounts to process payments from Chinese petroleum buyers through deceptive corporate identities.
• Investigators traced over $1.5 billion through connected wallets as Washington expanded sanctions targeting Iran’s digital assets and revenue networks abroad.

The U.S. Department of Justice is seeking approximately $61 million in cryptocurrency linked to sanctioned Iranian oil sales. According to the department’s announcement, the proceeds allegedly helped finance Iran’s government, military operations, and affiliated organizations.

Federal prosecutors claim two Chinese companies used Binance accounts to process payments from buyers of Iranian petroleum products. Authorities identified them as Blessed Trust and Hexa Whale, which allegedly disguised their roles within the payment network.

Blessed Trust presented itself as a digital asset custody provider serving other financial companies. However, prosecutors allege it converted fiat currency into cryptocurrency for transactions connected to Iran.

Hexa Whale portrayed itself as a commodities brokerage while allegedly offering similar payment services. Both companies reportedly served Chinese businesses purchasing Iranian oil and petroleum products despite American sanctions.

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Crypto Addresses Process More Than $1.5 Billion

Investigators also identified interconnected unhosted cryptocurrency addresses collectively described as Entity A. These addresses allegedly received and distributed more than $1.5 billion from prohibited Iranian petroleum sales.

Prosecutors claim Entity A transferred funds to businesses associated with the Islamic Revolutionary Guard Corps. The network also routed cryptocurrency to related wallets and an Iranian digital asset exchange.

Moreover, Blessed Trust and Hexa Whale allegedly facilitated much of this activity through trading accounts and external addresses. Their operations reportedly helped conceal the origin, ownership, and destination of payments within the wider network.

The United States designates the IRGC as a foreign terrorist organization. Consequently, American authorities prohibit transactions that directly or indirectly provide financial support to the organization.

Deputy U.S. Attorney Sean Buckley described the complaint as part of efforts to deprive Iran and its proxies of illicit funding. He argued that Iran uses black-market oil revenue to support military programs, terrorism, nuclear development, and ballistic missile projects.

Washington Expands Pressure on Iranian Revenue

The forfeiture action forms part of Washington’s broader sanctions campaign against Iranian oil revenue and shipping networks. Additionally, authorities are targeting financial connections involving digital assets, technology, aviation, gold, and maritime commerce.

Treasury Secretary Scott Bessent previously announced secondary sanctions against parties supporting Iran’s revenue sources. Officials described that strategy as an economic campaign aimed at limiting government funding.

In June, American authorities also sanctioned Nobitex, Iran’s largest cryptocurrency exchange. They accused the platform of facilitating sanctions evasion, terrorist financing, and transactions linked to the IRGC.

The forfeiture complaint remains an allegation that prosecutors must prove in court. If approved, the action would transfer the identified cryptocurrency assets to the U.S. government.

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