Onchain data reveals Iran-associated entities transferred over $3.84 billion through crypto exchange CoinEx, bypassing U.S. sanctions.
Iran-linked entities have moved more than $3.84 billion through cryptocurrency exchange CoinEx, according to analysis of public onchain data. The transactions position CoinEx as a key channel allegedly used to circumvent U.S. economic sanctions, with investigators identifying unusual activity from wallets tied to Iran’s central bank.
Earlier this year, tracing revealed connections to $1.5 billion in assets stolen from crypto platform Bybit, attributed to North Korean hackers. The scale of transfers underscores growing reliance on digital assets to evade financial restrictions.
No immediate market reaction was reported, though the findings may heighten regulatory scrutiny on crypto exchanges facilitating cross-border flows.