US Seeks to Seize $61 Million in Crypto Linked to Iran's Illicit Oil Sales

The U.S. Department of Justice has filed a civil lawsuit seeking the forfeiture of over $61 million in cryptocurrency, primarily USDT, held in accounts on the Binance exchange. U.S. authorities suspect these funds were generated from Iranian oil sales on the black market and were part of a sophisticated money laundering scheme totaling approximately $1.5 billion.

According to the lawsuit, two China-registered companies, Hexa Whale Trading and Blessed Trust, used their Binance trading accounts to funnel money from oil sales directly to Iran's Islamic Revolutionary Guard Corps. The stated aim was to finance military and terrorist activities.

Binance itself is not suspected of wrongdoing in this case. A spokesperson for the exchange stated that Binance fully cooperated with authorities and had blocked and closed the accounts of the involved companies before the case became public.

This action is part of a broader U.S. effort to increase economic pressure on Iran, known as "Operation Economic Wrath." Through this operation, Iranian crypto assets valued at an estimated $1 billion have already been frozen or seized across various networks.

The case highlights a paradox in the cryptocurrency world: while numerous wallets and accounts were used to obscure the money's origin, the blockchain's transparency allowed investigators to trace the suspicious transactions, ultimately leading to the freezing and seizure of assets.