U.S. prosecutors have filed a civil complaint seeking the forfeiture of approximately $61 million in cryptocurrency. Authorities allege these funds are connected to a black-market network involved in the sale of Iranian oil, which was intended to finance the Iranian government and military.
The complaint identifies two Chinese companies, Blessed Trust and Hexa Whale, as key participants in the scheme. These entities allegedly used Binance trading accounts to launder proceeds for Iranian organizations, including the Islamic Revolutionary Guard Corps, which is designated as a terrorist group by the U.S.
According to the filing, the network managed more than $1.5 billion in illicit oil proceeds. Blessed Trust reportedly operated as a wealth management firm, while Hexa Whale acted as a commodities broker to convert conventional currency into digital assets for Iranian entities.
The funds were routed through a series of interconnected wallets, identified in the complaint as Entity A, before being distributed to addresses linked to the Iranian military and an Iranian exchange. These transactions are separate from the $61 million currently targeted for seizure.
The companies were previously mentioned in a Senate inquiry led by Senator Richard Blumenthal regarding alleged sanctions violations. Binance has denied any wrongdoing in connection with these reports. The current allegations remain unproven until a court reaches a final judgment.
