US sanctions exposed a $6.3 billion crypto pipeline linking Iran and Russia

On Aug. 7, US authorities sanctioned Shelbit and Aban Tether, two Iranian-linked crypto platforms accused of facilitating transactions tied to Iran’s Islamic Revolutionary Guard Corps and other state-linked entities.

The Treasury Department also sanctioned Shelbit founder Siavash Kayvanpour and several companies connected to him in Georgia, Poland and the United Arab Emirates.

It said IRGC-linked wallets sent more than $1 million to Shelbit addresses, while more than $2 million flowed in the opposite direction. Wallets controlled by Kayvanpour also sent more than $2 million to Nobitex, Iran’s largest crypto exchange.

Aban Tether, which does not appear to be affiliated with stablecoin issuer Tether, was separately accused of processing millions of dollars involving sanctioned Iranian exchanges including Nobitex, Wallex, Bitpin and Ramzinex.

Shelbit operated more like a settlement network than an exchange

While Shelbit presented itself as a crypto exchange, its blockchain activity looked markedly different from a conventional trading venue.

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