US Moves to Forfeit $61M in Crypto Linked to Iran’s Oil Sales

U.S. prosecutors have filed a civil forfeiture complaint seeking to seize about $61 million worth of Tether (USDT) that they allege was generated from illicit sales of Iranian crude oil and petroleum products. The complaint, filed on September 14 by the Southern District of New York, targets USDT held across ten blockchain addresses on the TRON network.

Alleged laundering network

The complaint links the targeted tokens to a broader laundering operation that prosecutors say moved more than $1.5 billion in oil proceeds. The funds are alleged to have been funneled to the Iranian government, the Islamic Revolutionary Guard Corps (IRGC) and other designated entities.

Chinese firms accused of facilitating transfers

Two Chinese companies, Blessed Trust and Hexa Whale, are accused of using trading accounts on the UAE‑based exchange Binance to convert fiat into crypto and move the proceeds. Binance has said it removed Hexa Whale in August 2025 and disabled Blessed Trust in January 2026, and that it has no record of direct transactions with Iranian entities.

Mechanics of the forfeiture

The complaint states that Tether will burn the tokens in the targeted addresses and issue replacement tokens of equal value for transfer into U.S. government custody, pending a court judgment.

Broader enforcement context

This action follows a series of U.S. measures in 2026 targeting Iran‑linked digital assets, including expanded Treasury sanctions on Iran’s crypto sector and prior seizures totaling roughly $1 billion. The $61 million seizure remains subject to judicial approval before the assets become permanently forfeited.