Bitcoin Magazine

DOJ Seeks $61M in Iranian Oil Proceeds Laundered Through Binance Accounts

The U.S. Department of Justice said Monday it is seizing and seeking to forfeit $61 million in cryptocurrency that it alleges came from black-market sales of sanctioned Iranian oil.

That sum is a fraction of the operation prosecutors describe in the civil forfeiture complaint. A cluster of self-custodied wallets received and distributed more than $1.5 billion in oil proceeds, routing funds to Islamic Revolutionary Guard Corps-linked businesses, other crypto addresses and an Iranian exchange, according to the filing. Two China-based firms, Blessed Trust and Hexa Whale, allegedly used trading accounts at Binance to launder proceeds and funnel them to the Iranian government and its proxies.

It comes after the U.S. tries to crack down on Iran’s use of the leading cryptocurrency: the U.S. in July said that it had frozen crypto linked to the Iranian regime, mostly in the form of Tether’s stablecoin; Iran started a bitcoin-backed insurance service for its counties shipping companies earlier this year.

There was no mention of bitcoin in Monday’s claim — but the Iranian government is also using bitcoin to skirt around sanctions. Bitcoin has no issuer, so no blacklist function and bitcoin held without intermediaries can’t be frozen

“The Government of Iran relies on black-market sales of sanctioned crude oil to fund its military and foster terrorism in the Middle East and around the world, along with other malign efforts to develop a nuclear program and ballistic missiles capable of delivering nuclear payloads,” Deputy U.S. Attorney Sean S. Buckley said in a statement. 

“As alleged in the complaint filed today, the Government of Iran used a network of cryptocurrency actors in China and elsewhere to launder more than $1.5 billion in illicit oil money intended to benefit the Iranian military and the terror-designated IRGC.”

The filing alleges that the illicit oil money was laundered via Chinese companies Blessed Trust Limited and Hexa Whale Trading Limited.

Once the money was laundered, it was funneled back to Iran’s government, its agents, and its proxies, feds said. 

The U.S. Treasury’s Office of Foreign Assets Control in July said Iran had been dodging sanctions by accepting pay in bitcoin from ships passing through the Strait of Hormuz. 

OFAC said at the time that Hormuz Safe, developed by Iran’s Ministry of Economy, “accepts payment in bitcoin and other digital assets” so it can bypass sanctions. 

The Financial Times last week reported that the Middle Eastern country was using bitcoin to settle cross-border transactions through Iranian crypto exchanges after the central bank advised its countrymen to do anything necessary to help the economy.  

This post DOJ Seeks $61M in Iranian Oil Proceeds Laundered Through Binance Accounts first appeared on Bitcoin Magazine and is written by Mathew Di Salvo.

U.S. prosecutors seek forfeiture of $61.2M in frozen USDT, alleging the funds trace to Iranian oil sales and a network linked to the IRGC.

Bitcoin Magazine

Bitcoin Suffers On Renewed US-Iran Fighting 

Bitcoin’s price slid on Thursday after the price of oil shot over $105 a barrel thanks to renewed tensions in the Middle East. 

The biggest and oldest cryptocurrency was recently trading for $77,208 after sliding as low as $76,748 — down more than 2% over the past day. 

Its dip came after Iran signaled that it had no intention of backing down against U.S. forces. The two countries earlier this week stepped up attacks in some of the heaviest fighting since the war started in February. 

Tehran-backed Houthis in Yemen this week hit Saudi Arabian assets, also pushing the price of oil up. 

War in the Middle East pushes oil prices higher and makes the chances of interest rate cuts lower because of inflation. Bitcoin has typically performed well in a low interest rate environment and has experienced sell-offs when the Federal Reserve pivots to hawkishness. 

The U.S. is currently in the grips of an affordability crisis and rising oil prices are a hot topic ahead of the midterm elections. U.S. President Donald Trump has reassured voters that prices will get under control. 

Federal Reserve Chair Kevin Warsh said at his first speech as leader of the central bank and said that inflation in the world’s largest economy had not come down enough. 

Traders are now pricing in an interest rate hike next week when the bank meets. 

Still,  bitcoin had one of its best runs in August after the U.S. Treasury said it would at least double the size of its liquidity-support buyback operations, in response to surging borrowing costs. 

The announcement hurt the dollar but non-yielding assets like bitcoin and gold have benefited. 

Despite previously trading in line with risk-on assets like tech stocks, bitcoin has this year traded more in tandem with gold as the so-called debasement trade becomes hot again. 

Investors have bought the largest cryptocurrency — along with the precious metal — to hedge against the dollar’s decline. 

This post Bitcoin Suffers On Renewed US-Iran Fighting  first appeared on Bitcoin Magazine and is written by Mathew Di Salvo.

Bitcoin Magazine

Iran Continues Using Bitcoin To Keep Economy Stable: Report

Iran is continuing to use bitcoin as a way to skirt around sanctions as the country’s central bank turns a blind eye, according to reports. 

The Financial Times on Wednesday reported that the Middle Eastern country was using cryptocurrencies, including bitcoin, to settle cross-border transactions through Iranian crypto exchanges after the central bank advised its countrymen to do anything necessary to help the economy. 

Citing conversations with businesses, regime insiders and analysts, the newspaper said that the central bank had “quietly encouraged traders” to get money flowing to help its struggling economy. 

Bitcoin is proving to be a tried and tested way of doing so. 

One business insider reportedly told the newspaper that the central bank doesn’t ask any questions about how money is transferred. 

Iran has been sanctioned for decades, and a sharp escalation beginning in late 2025 — UN snapback, EU measures and expanded U.S. energy sanctions — was compounded by war with the U.S. and Israel starting in February 2026 and a naval blockade that has cut oil exports by more than 80%.

The country also has one of the highest rates of inflation in the world. 

Iran started a bitcoin-backed insurance service for its counties shipping companies earlier this year.

The U.S. in July said that it had frozen crypto linked to the Iranian regime, mostly in the form of Tether’s stablecoin. 

Stablecoins like Tether’s USDT can be frozen by the company that issues the asset but bitcoin, being decentralized and having no single issuer, cannot. 

The U.S. Treasury’s Office of Foreign Assets Control in July said Iran had been dodging sanctions by accepting pay in bitcoin from ships passing through the Strait of Hormuz. 

OFAC said at the time that Hormuz Safe, developed by Iran’s Ministry of Economy, “accepts payment in Bitcoin and other digital assets” so it can bypass sanctions. 

The U.S. and Israel struck Iran in February 2026. Fighting has continued in phases since, punctuated by a Pakistan-brokered ceasefire in April and a short-lived memorandum in June. 

Both ended up collapsing, and there is currently no ceasefire in place. 

This post Iran Continues Using Bitcoin To Keep Economy Stable: Report first appeared on Bitcoin Magazine and is written by Mathew Di Salvo.

Iran reportedly eased foreign-exchange controls and tolerated cryptocurrency export payments as U.S. sanctions restrict conventional banking channels.

Bitcoin Magazine

Bitcoin Slides as US-Iran Tensions Escalate 

Bitcoin slid on Tuesday after investors went into “risk-off” mode following escalating attacks between the U.S. and Iran. 

The largest cryptocurrency had initially shrugged off President Donald Trump’s threats to the Middle Eastern nation, as well as the first strikes. 

But things heated up on Tuesday, and bitcoin’s price slid. It was recently down more than 2% on the day, trading for $77,363. The coin had pushed past as high as nearly $81,282 on Friday. 

The Tuesday attacks from the U.S. were because Iran tried to put mines in the Strait of Hormuz, and also because of an attack on an American military base in Jordan, according to President Trump. 

U.S. Central Command said on X that Iran had also attacked commercial ships. 

Today at 12 p.m. ET, U.S. forces began striking Islamic Revolutionary Guard Corps (IRGC) targets in Iran. The strikes follow recent attempted attacks by the IRGC against commercial shipping in the Strait of Hormuz and against American service members deployed to the region.

— U.S. Central Command (@CENTCOM) September 1, 2026

“The strikes follow recent attempted attacks by the Islamic Revolutionary Guard Corps against commercial shipping in the Strait of Hormuz and against American service members deployed to the region,” the post read. 

Iran responded with a “decisive operation” against U.S. military bases, according to Iranian media. Oil surged on the news. 

Bitcoin’s price has been sensitive to geopolitical tensions this year — especially after Iran and Israel attacked Iran. The cryptocurrency has typically faced downward pressure on news of war, only to then rally when Trump raised hopes of a ceasefire. 

Despite Bitcoin’s price being relatively muted, in recent months, it has made more wild swings since mid-August. 

Bitcoin’s immediate reaction to rising oil prices is to drop: more expensive energy means higher inflation, and higher inflation typically means the U.S. central bank will postpone rate cuts, which can restrict the liquidity that bitcoin needs to gain momentum. 

The Federal Reserve’s chair, Kevin Warsh, last week gave his first major speech as leader of the central bank and said that inflation in the world’s largest economy had not come down enough. 

Traders are now no longer pricing in an interest rate cut this year, instead expecting a hike. Bitcoin has typically performed well in the past in low interest rate environments. 

Still, the coin had one of its best runs in August after the U.S. Treasury said it would at least double the size of its liquidity-support buyback operations, in response to surging borrowing costs. 

The announcement hurt the dollar but non-yielding assets like bitcoin and gold have benefited. 

This post Bitcoin Slides as US-Iran Tensions Escalate  first appeared on Bitcoin Magazine and is written by Mathew Di Salvo.

Bitcoin Magazine

Bitcoin Unfazed by Trump’s Iran Threats

Bitcoin on Monday shrugged off tensions in the Middle East, barely moving despite U.S. President Donald Trump vowing to hit Iran hard. 

The price of the biggest cryptocurrency recently stood at $79,076, unmoved over a 24-hour period. The coin also hasn’t budged from where it stood seven days ago. 

Geopolitical strife has this year hurt Bitcoin’s price, with the cryptocurrency typically facing downward pressure on news of war and rallied in hopes of a ceasefire. 

When the U.S. and Israel first attacked Iran in February, the coin nosedived, and had been shaky on news of war in March and April. 

But in recent months, Bitcoin’s volatility has been muted, according to analysts, and Monday was no different: President Trump promised to hit Iran again but the asset didn’t flinch. 

“We’re going to hit them hard,” President Trump was quoted telling a Fox News reporter on Monday. The U.S. and Iran started strikes again on Sunday — the first in over one month. 

Bitcoin started a phenomenal run two weeks ago — its best in three years — and is up nearly 30% over the past month. 

Its price started surging after the U.S. Treasury would at least double the size of its liquidity-support buyback operations. The announcement hurt the dollar but non-yielding assets like bitcoin and gold have benefited. 

Positive regulatory news has also helped bitcoin this month: President Donald Trump this month said that the long-awaited crypto Clarity Act was a “very, very powerful” piece of legislation, and urged lawmakers to get it over the line. 

The Clarity Act aims to establish a framework for distinguishing between digital assets that are securities, commodities or payment stablecoins — legislation that the crypto industry has long called for. 

JUST IN: Crypto ETFs attracted $3.2 billion in inflows last week, "their largest weekly intake since October 2025", The Kobeissi Letter reports.

BlackRock's IBIT led with $928 million last week, adding to their $1.3 billion from the prior week, and marking the biggest 2-week… pic.twitter.com/ROC9tYPMGN

— Bitcoin Magazine (@BitcoinMagazine) August 31, 2026

Investors have piled back into exchange-traded funds this month, too, which has also helped bitcoin’s price. From August 17 to 27, investors threw over $2.8 billion at the vehicles — the most since October. 

Bitcoin reached as high as $81,281 last week before sliding again on Friday. 

This post Bitcoin Unfazed by Trump’s Iran Threats first appeared on Bitcoin Magazine and is written by Mathew Di Salvo.

Bitcoin Magazine

US Opens a New Front Against Iran’s Crypto Economy

The U.S. this week closed in on Iran, further targeting its crypto-related methods of dodging sanctions in a new economic campaign against the country. 

In a Monday announcement, the U.S. Department of the Treasury said it had placed Iran’s digital asset sector under the same sanctions authority it has long used against the country’s oil, banking and metals industries. 

.@SecScottBessent: "This is a sustained campaign to collapse every last option for Iran. Let there be no ambiguity as to the position of the United States: an economic engagement of any kind with this murderous regime will expose those responsible to the full reach of American… pic.twitter.com/tlx2gcNs1d

— Treasury Department (@USTreasury) August 24, 2026

The move, as part of Operation Economic Outcast, a campaign against the Islamic Republic dubbed “economic D-Day,” is a first, and a significant escalation in exposure for crypto businesses worldwide.

With the new action, the Office of Foreign Assets Control can sanction any person, regardless of where they are located. 

“The Iranian regime increasingly turns to cryptocurrency as a tool of choice for sanctions evasion, supporting transactions linked to the Islamic Revolutionary Guard Corps and Iranian regime insiders,” OFAC said in a statement. 

Foreign exchanges, OTC desks, payment processors and infrastructure providers that knowingly facilitate transactions supporting Iran’s digital asset sector are now exposed to designation themselves, along with the loss of access to the U.S. financial system that typically follows.

OFAC also designated members of a group within the Ministry of Intelligence and Security accused of hacking U.S. critical infrastructure on the regime’s behalf and published their wallets.

Group co-leader Behzad Mesri and members Keyvan Fayyaz Ghareh Blagh and Arman Kahzadian each had bitcoin, and other crypto addresses added to the Treasury’s sanctioned list. The three belong to a larger MOIS contingent that has pursued U.S. targets through data theft and intrusions against corporations and government offices.

Bloomberg first reported in May that Iran had started a bitcoin-backed insurance service for Iranian shipping companies.

The U.S. in July said that it had frozen crypto linked to the Iranian regime, mostly in the form of the Tether stablecoin. 

Stablecoins like Tether’s USDT can be frozen by the company that issues the asset but bitcoin, being decentralized and having no single issuer, cannot. 

This post US Opens a New Front Against Iran’s Crypto Economy first appeared on Bitcoin Magazine and is written by Mathew Di Salvo.

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Iranian Hacking Crew Charged in Sprawling Theft Case — Including $6M Bitcoin Ransom 

Feds have hit 17 Iranians with criminal charges for allegedly conducting a years-long campaign of cyber attacks — including trying to extort HBO for $6 million in bitcoin.

The U.S. Department of Justice said Tuesday that the 17 individuals were working with the Mabna Institute, which carried out hacking campaigns on ​behalf of Iran’s Islamic Revolutionary Guard Corps and other Iranian ​government and university clients.

Hundreds of U.S. and ⁠international universities, dozens of companies, and at least five ​state and federal government agencies were targeted in the campaign. 

Part of the indictment mentioned Behzad Mesri, who was previously charged with hacking entertainment giant Home Box Office — HBO — and stealing proprietary data. The crime then saw Mesri try and extort approximately $6 million worth of Bitcoin. 

Prosecutors added that five other defendants — Saeid Houshyar, Manouchehr Hashemloo, Keyvan Fayaz, Saber Shahbazi Ballojeh, and Arman Kahzadian — were directly involved in the hack. 

The State Department’s Rewards for Justice program is now offering up to $10 million for information on the location of the defendants. 

“Today’s charges, which include eight additional defendants, reveal the broader network allegedly behind a sweeping, state-sponsored campaign to steal research and intellectual property from American universities, businesses, and government institutions,” U.S. Attorney Jamie McDonald for the Southern District of New York said in a statement. 

Founded around 2013 by Gholamreza Rafatnejad and Ehsan Mohammadi, the Mabna Institute allegedly worked at the behest of Iran’s Islamic Revolutionary Guard Corps and other Iranian clients. 

The stolen research didn’t just go to Tehran’s intelligence services. Prosecutors say it was resold through two websites, Megapaper.ir and Gigapaper.ir, the latter renting out hijacked professor logins so Iranian customers could walk straight into foreign university libraries. 

U.S. institutions had spent some $3.4 billion acquiring the material in the first place. Separate victims racked up more than $20 million cleaning up the breaches.

This post Iranian Hacking Crew Charged in Sprawling Theft Case — Including $6M Bitcoin Ransom  first appeared on Bitcoin Magazine and is written by Mathew Di Salvo.

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US Closes in on Iran’s Strait of Hormuz Bitcoin Insurance Policy, Sanctions Companies

Iran has been dodging sanctions by accepting pay in Bitcoin from ships passing through the Strait of Hormuz, according to a Friday announcement from the U.S. Treasury’s Office of Foreign Assets Control.

The OFAC sanctioned the companies tied to the Iranian regime accused of doing so. Ships have barely been passing through the strategic Strait of Hormuz, where a fifth of the world’s oil passes through, since the U.S. and Israel attacked Iran in February. 

In the statement, OFAC said that Hormuz Safe, developed by Iran’s Ministry of Economy, “accepts payment in Bitcoin and other digital assets” so it can bypass sanctions. 

“With its economy in freefall and inflation in the triple digits, the regime is desperate for cash,” Secretary of the Treasury Scott Bessent said in a statement. 

“The United States will not allow Iran to hold global commerce hostage or use international shipping to finance the IRGC’s terrorism, aggression, and repression.” 

The OFAC statement added that two firms — the Persian Gulf Marine Insurance Company (PGMIC) and HormuzSafe Marine Services Authority (“Hormuz Safe”) — accused of running an IRGC-backed scheme forcing commercial vessels to buy mandatory “insurance” to transit the Strait of Hormuz.                       

Bloomberg first reported in May that Iran had started a Bitcoin-backed insurance service for Iranian shipping companies.

The U.S. earlier this month announced that it had frozen crypto linked to the Iranian regime, mostly in the form of the Tether stablecoin. 

Stablecoins like Tether’s USDT can be frozen by the company that issues the asset but Bitcoin, being decentralized and having no single issuer, cannot. 

Experts have warned that a recession could follow due to the war between the U.S. and Iran due to high oil prices if the Strait of Hormuz remains closed. 

This post US Closes in on Iran’s Strait of Hormuz Bitcoin Insurance Policy, Sanctions Companies first appeared on Bitcoin Magazine and is written by Mathew Di Salvo.

US sanctions have again put stablecoins at the centre of the enforcement debate after addresses linked to Iran were added to the Treasury Department’s sanctions list and $131 million in USDT was reportedly frozen on TRON.

The case is important because it cuts straight through one of crypto’s most uncomfortable tensions. Public blockchains are open and permissionless, but major dollar-backed stablecoins are issued by companies that can freeze tokens when required by law enforcement or sanctions authorities.

That means stablecoins can behave like crypto in one sense and regulated financial instruments in another.

For TRON, the story is especially relevant because the network has become one of the largest venues for USDT transfers globally. Low fees and wide exchange support have made it a major stablecoin rail. But that same usage also means enforcement actions on TRON addresses attract attention quickly.

Reference: US Treasury

TL;DR

• OFAC added TRON wallet addresses linked to Iran to its sanctions list.
• $131 million in USDT was reportedly frozen across designated wallets.
• The case shows how stablecoin issuers can enforce sanctions even when assets move on public blockchains.

Stablecoins Are Not As Permissionless As They Look

Stablecoins are often used like crypto cash, but they are not the same as Bitcoin.

A token such as USDT may move on public blockchains, but it is still issued by a centralized company. That issuer manages reserves, redemption, compliance, and in many cases the ability to freeze or blacklist addresses.

That freeze function is controversial, but it is also one reason stablecoins have survived inside the regulated financial system.

Governments expect issuers to respond to sanctions, terrorism-financing concerns, stolen funds, and law-enforcement requests. Stablecoin companies that ignore those expectations risk losing banking relationships, licenses, and access to the broader financial system.

This creates a trade-off.

Users get dollar liquidity that moves quickly across blockchains. They also accept that the token is not fully censorship-resistant. If an issuer freezes an address, the blockchain may keep running, but the frozen tokens cannot move.

The Iranian wallet case makes that trade-off visible.

TRON’s Role In The Stablecoin Market

TRON has become a major stablecoin network because it is cheap, fast, and widely supported by exchanges.

For many users, especially outside the US, TRON-based USDT is a practical payment and transfer tool. It is often used for exchange deposits, peer-to-peer transfers, remittances, and dollar access in regions where banking rails are limited or expensive.

That utility is real.

But the same features that make TRON useful also make it a major surface area for compliance scrutiny. If large amounts of sanctioned funds, exchange flows, or high-risk wallets move through TRON, regulators will pay attention.

The Treasury action shows that public-chain activity can still become part of sanctions enforcement. Wallet addresses are visible, funds can be traced, and issuers can be pressured or required to act.

That does not make TRON unique. Similar issues exist across Ethereum, BNB Chain, Solana, and other networks. But TRON’s dominance in USDT transfers makes it one of the most important networks in this particular debate.

The Enforcement Message Is Clear

The key message from sanctions actions is that stablecoin rails are not outside government reach.

Even when funds sit on decentralized ledgers, the issuer layer can still become an enforcement chokepoint. That is especially true for dollar-backed stablecoins because issuers need banking access and regulatory credibility.

This is why stablecoins sit in a strange middle ground.

They are one of crypto’s most useful products, but they also bring crypto closer to traditional financial controls. They can make payments faster and more global, but they can also carry blacklist and freeze capabilities that are closer to bank compliance than Bitcoin-style neutrality.

For regulators, that is a feature. For some crypto users, it is a flaw.

The bigger question is whether this balance becomes more accepted as stablecoins grow. If stablecoins are to become mainstream payment and settlement tools, governments will expect compliance. If users want uncensorable assets, centralized stablecoins may not be the right instrument.

That distinction matters.

The TRON freeze is not just a story about one sanctions action. It is a reminder of how dollar-backed stablecoins actually work. They can move on-chain, but they remain tied to off-chain issuers and legal obligations.

As stablecoin adoption grows, that enforcement layer will become even more important.

This article is based on the US Treasury Department’s OFAC action and Tether transparency materials.

This article was written by the News Desk and edited by Samuel Rae.

This report is based on information released by US Treasury. at US Treasury