US sanctions exposed a $6.3 billion crypto pipeline linking Iran and Russia
US authorities sanctioned Shelbit, Aban Tether, and related individuals and companies for helping move funds linked to Iran’s IRGC and other sanctioned entities. TRM Labs traced more than $6.3 billion through Shelbit-linked wallets over 23 months, with volumes surging in 2025, but the wallets showed almost no retained balances. That pattern suggests Shelbit acted as a settlement and relay network, not a normal crypto exchange. Its activity relied heavily on Tron and USDT, with limited use of mixers and frequent wallet rotation to obscure flows. Shelbit also handled sizable Russia-linked sanctions-evasion traffic, including about $318 million tied to A7 and smaller amounts linked to Garantex successors and other services. The case shows how stablecoin and blockchain infrastructure can support cross-border sanctions evasion outside traditional banking, and how regulators are increasingly targeting that infrastructure itself.
