The US Justice Department Has Sought the Forfeiture of $61M in Cryptocurrency From the Sale of Iranian Oil

• US authorities are seeking the forfeiture of about $61 million in cryptocurrency.
• The funds were linked to shadow sales of sanctioned Iranian oil.
• The scheme involves Blessed Trust, Hexa Whale, and Binance accounts.

The US Attorney’s Office for the Southern District of New York filed a civil complaint seeking the forfeiture of about $61 million in cryptocurrency. According to US authorities, the funds were obtained from illegal sales of sanctioned Iranian oil and petroleum products.

The US Department of Justice said the proceeds were intended for the Iranian government and affiliated military entities, including the Islamic Revolutionary Guard Corps (IRGC).

According to the case materials, two Chinese companies, Blessed Trust and Hexa Whale, used trading accounts on the Binance exchange to launder proceeds from the sale of Iranian oil. The assets were later routed to Iranian authorities, their representatives, and related entities.

Investigators allege that Blessed Trust presented itself as an asset management and digital custody firm. In reality, the company allegedly converted proceeds from Iranian oil sales into cryptocurrency, including by using services provided by US digital asset issuers.

Hexa Whale portrayed itself as a commodities broker, but according to US authorities, it performed similar functions and worked in coordination with Blessed Trust and related entities. Clients of both companies included representatives of China’s oil sector.

The case materials also reference a group of related non-custodial addresses under the placeholder designation Entity A. According to investigators, more than $1.5 billion in proceeds from illegal Iranian oil sales passed through them.

The funds were sent to money transfer companies linked to the IRGC, to the organization’s crypto addresses, and to the addresses of one Iranian crypto exchange. Blessed Trust, Hexa Whale, and associated individuals allegedly used chains of transactions and wallets to conceal the origin and ownership of the assets. In addition, participants in the scheme allegedly used the US financial system for transactions totaling tens of millions of dollars.

Prosecutors emphasized that the civil forfeiture complaint contains allegations that still must be proven in court.

Binance and Iranian Crypto Flows

In February 2026, we reported on an investigation involving Binance and $1.7 billion in transactions linked to counterparties in Iran. Media reports at the time also mentioned Blessed Trust and Hexa Whale. 

According to those publications, up to $1.2 billion may have flowed through the first company, and around $500 million in stablecoins through the second. Binance rejected the sanctions-breaching allegations and said its compliance controls were effective.

Soon after, the U.S. Senate took an interest in the situation took an interest. Senator Richard Blumenthal requested documentation from Binance following reports of potential violations of the sanctions regime against Iran.

In March, the media reported on a U.S. Department of Justice investigation into Binance. According to sources, U.S. authorities requested documents related, among other things, to Blessed Trust. Binance said at the time it was not aware of such an investigation, but would continue cooperating with law enforcement.

In May, The Wall Street Journal reported a further $850 million in transactions benefiting Iran-linked entities via Binance. According to the outlet, this included the network of Iranian businessman Babak Zanjani, and some of the funds may have been used to finance the country’s military structures.

In August, the U.S. also imposed sanctions on the Dubai-based crypto exchange Shelbit for assisting Iran. Later, Binance began restricting transactions with Shelbit and a number of other platforms. 

Addresses linked to the platform had previously sent around $676 million to Binance wallets. The exchange said Shelbit itself did not have an account on the platform, and that accounts linked to its users were reviewed and blocked.

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