US $61.19 Million in USDT Seized Over Iran Oil Trade Allegations

The U.S. Department of Justice has sought civil forfeiture of $61.19 million in USDT (approximately KRW 824 billion) related to illicit funds from Iranian oil transactions. The U.S. Attorney's Office for the Southern District of New York filed a motion on April 14 (local time), alleging that two Hong Kong entities, Blessed Trust and Hexa Whale, used Binance trading accounts to transfer proceeds from illegal sales of Iranian oil and petroleum products to Iran’s government and Revolutionary Guard Corps (IRGC) affiliates.

The companies claimed to operate as asset management and virtual asset custody services, but were identified by the DOJ as providing services that convert fiat currency into cryptocurrency. The U.S. Department of Justice stated that associated crypto addresses received over $1.5 billion in proceeds from Iranian oil sales and distributed funds to Iran’s government, IRGC-affiliated businesses, addresses, and domestic crypto exchanges.

However, the civil forfeiture motion is a procedural step; the DOJ clarified that these allegations have not been proven until a U.S. court issues a favorable ruling.