US Sanctions Target $6.3 Billion Crypto Network Linking Iran and Russia
- On Aug. 7, US authorities sanctioned Shelbit and Aban Tether for facilitating transactions linked to Iran’s Islamic Revolutionary Guard Corps.
- Over a period of nearly two years, TRM Labs traced more than $6.3 billion through Shelbit-linked wallets.
- Shelbit’s operations primarily utilized the Tron network, with approximately $5.56 billion (88%) of its activity involving USDT-TRC20.
- The platform’s transactions averaged about $54,500 on Tron and $249,000 on Bitcoin, indicating a focus on business settlements rather than retail trading.
- Shelbit showed connections to Russia’s A7 payment network, tracing around $318 million in transactions linked to sanctions evasion efforts.
The sanctions highlight how US authorities can enforce measures against crypto networks facilitating international financial activities that evade sanctions. The case underscores the growing scrutiny of cross-border crypto operations connecting multiple sanctioned economies.
With over $6.3 billion traced through Shelbit, the operation exemplifies a complex settlement service rather than a typical exchange model.(Source)
