How Iran's military ran a $4bn gambling network as part of a sanctions-dodging op
An investigation has uncovered a $4 billion sanctions-evasion network involving Iranian state-linked entities, online gambling operations, and a Dubai-based cryptocurrency exchange. The network allegedly facilitated money laundering and bypassed Western financial restrictions through crypto markets.
Why it matters
This reveals the complex methods used by sanctioned nations to exploit digital assets and global financial systems to maintain economic operations.
A sophisticated $4 billion sanctions-evasion network has allegedly helped Iran move money through illegal online gambling operations, cryptocurrency transactions and an unlicensed Dubai-based crypto exchange. The network gave sanctioned Iranian entities access to global cryptocurrency markets despite Western restrictions, according to the Reuters investigation.The operation centred on Shelbit, a Dubai-based cryptocurrency exchange that investigators say acted as a financial hub linking Iran's central bank, a Farsi-language gambling network comprising more than 2,000 websites, suspected state-backed bitcoin mining operations and major international crypto exchanges.
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