The U.S. Department of Justice is seeking to forfeit approximately $61 million in cryptocurrency allegedly linked to sanctioned Iranian oil sales and networks that finance Iran’s government, military operations, and affiliated organizations.
According to federal prosecutors, two Chinese companies—Blessed Trust and Hexa Whale—used Binance accounts to process payments from Chinese buyers of Iranian petroleum products. Blessed Trust presented itself as a digital asset custody provider, while Hexa Whale portrayed itself as a commodities brokerage. Prosecutors allege both companies helped conceal the origin, ownership, and destination of payments connected to Iran.
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. Some funds were reportedly routed to businesses associated with the Islamic Revolutionary Guard Corps and to an Iranian digital asset exchange.
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.
The forfeiture action forms part of a broader U.S. sanctions campaign. In June, American authorities also sanctioned Nobitex, Iran’s largest cryptocurrency exchange, accusing it of facilitating sanctions evasion and transactions linked to the IRGC. The forfeiture complaint remains an allegation that prosecutors must prove in court.
