Iranian money was hiding in crypto – and this is how the US managed to find it

The US Department of Justice has filed a civil forfeiture lawsuit to seize over $61 million in cryptocurrencies, primarily USDT, from accounts on the Binance exchange. The funds are suspected to have been generated from Iranian oil sales on the black market and transferred through a sophisticated money laundering scheme totaling approximately $1.5 billion. The lawsuit names two companies registered in China, Hexa Whale Trading and Blessed Trust, which managed accounts on Binance and allegedly served as a conduit for transferring funds directly to Iran's Islamic Revolutionary Guard Corps. The funds were intended to finance military and terrorist activities. Binance itself is not accused and cooperated with authorities. The move is part of the US effort to increase economic pressure on Iran, under the "Economic Fury" operation, which has frozen and seized Iranian crypto assets totaling about $1 billion. The article highlights the paradox of the crypto world: on one hand, fast and seemingly anonymous transfers; on the other, public blockchain records that allow authorities to trace the funds.