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4h ago

U.S. Sanctions $100 Million Crypto Network Funding Iran’s Military

Using counterterrorism powers, Treasury seeks to cut off crypto‑routed oil proceeds that finance Iran’s security apparatus.

FILE - The Treasury Department building is seen, March 13, 2025, in Washington. (AP Photo/Alex Brandon, File)
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A 3D-printed miniature model depicting U.S. President Donald Trump, Iran flag and word "Sanctions" in this illustration taken, April 17, 2025. REUTERS/Dado Ruvic/Illustration/File Photo
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Overview

  • OFAC designated Iranian nationals Alireza Derakhshan and Arash Estaki Alivand alongside more than a dozen people and firms based in Hong Kong and the United Arab Emirates.
  • Treasury alleges the facilitators coordinated over $100 million in cryptocurrency purchases tied to Iranian oil sales between 2023 and 2025.
  • U.S. officials say the proceeds benefited the IRGC‑QF and Iran’s Ministry of Defense and Armed Forces Logistics.
  • The action, taken under E.O. 13224 and the maximum‑pressure directive NSPM‑2, freezes U.S. assets of designees and prohibits U.S. persons from doing business with them.
  • Chainalysis says the sanctioned crypto addresses show more than $600 million in total inflows, and the State Department revoked an IFCA sanctions exception effective September 29.