Inside the $4 Billion Crypto Network Laundering Iranian Sanctions

The exchange, known as Shelbit, has processed at least $4 billion in digital assets since May 2024, acting as a financial bridge between Tehran’s central bank and global crypto markets. Investigators, including blockchain researchers and cybersecurity firms, identified Shelbit as the primary conduit for more than 2,000 gambling websites. While Iran officially bans gambling under penalty of lashing or prison, the state has effectively co-opted the industry, using it to bypass Western trade restrictions and stabilize a domestic economy strained by conflict.

At the forefront of this operation are high-profile influencers who flaunt their wealth while maintaining ties to Iranian state interests. Despite being convicted in absentia by Iranian courts in 2023, these figures—Sasha Sobhani and Pooyan Mokhtari—continue to promote gambling sites that funnel funds through Shelbit. Blockchain data reveals that hundreds of millions of dollars flowed from the exchange to major platforms like Binance, even after regulators flagged Shelbit for operating without a license.

Dubai’s Virtual Assets Regulatory Authority has since moved to shut down the exchange, citing severe violations of anti-money laundering laws. The network’s ability to persist highlights the IRGC’s sophisticated business model: criminalizing sectors like online betting to secure total control over the resulting black market, then leveraging that shadow infrastructure to move state-sanctioned capital across borders.