DOJ Seeks Forfeiture of $61M in Crypto Tied to Iranian Oil Sales

The U.S. Attorney’s Office for the Southern District of New York filed a civil forfeiture complaint on September 14 seeking approximately $61 million in cryptocurrency that it alleges was derived from sanctioned Iranian crude-oil and petroleum-product sales. The action seeks to forfeit the assets through a civil proceeding; the allegations have not been established in court.

SDNY civil forfeiture complaint targets $61 million

The Department of Justice announcement describes the cryptocurrency as proceeds of sanctioned Iranian petroleum sales. Civil forfeiture allows the government to pursue property alleged to be connected to specified unlawful activity, rather than bringing a criminal case against the property owner in the same action.

The filing places the case in the Southern District of New York, a federal jurisdiction that has handled a number of cryptocurrency-related enforcement matters. The DOJ did not, in its announcement, state that the assets had already been forfeited.

Blessed Trust and Hexa Whale’s alleged Binance route

Chinese companies Blessed Trust and Hexa Whale allegedly used Binance trading accounts to launder Iranian oil proceeds and provide cryptocurrency on-ramp services, according to the civil complaint.

… Continue reading the full article at the original source below.