- Investigators traced $3.84B in Iran-linked crypto transactions through CoinEx.
- Bybit hack funds reportedly reached CoinEx after moving through multiple blockchain wallets.
- U.S. sanctions and enforcement continue targeting Iran-linked crypto transactions.
Blockchain investigators traced more than $3.84 billion in cryptocurrency transactions between the CoinEx exchange and entities linked to Iran.
The findings emerged as investigators examined digital wallets connected to Iran’s central bank, uncovering a transaction trail that intersected with funds stolen during the $1.5 billion Bybit hack.
Investigators Trace Funds From Bybit Hack
The investigation began after crypto researchers identified a series of transactions involving two wallets controlled by the Central Bank of Iran. According to reports, analysts traced the movement of funds backward and found links to cryptocurrency stolen during the Bybit security breach.
The Federal Bureau of Investigation has previously attributed the Bybit attack to North Korean actors, stating that the stolen virtual assets were transferred across numerous wallets and converted into Bitcoin and other cryptocurrencies. Investigators reported that some of those transactions eventually passed through CoinEx after moving through a complex network of blockchain transfers.
Sanctions Continue to Shape Crypto Oversight
The reported findings come as U.S. authorities continue increasing inspections of cryptocurrency activity linked to Iran. Under the Treasury Department’s Economic Fury campaign, four Iranian cryptocurrency exchanges, including Nobitex, were sanctioned for allegedly helping sanctioned entities access digital asset markets.
Chainalysis previously estimated that Nobitex accounted for roughly half of Iran’s cryptocurrency trading activity. In a separate enforcement action, U.S. officials also announced the seizure of nearly $1 billion in Iran-linked cryptocurrency after a $344 million USDT freeze involving two Tron wallets connected to Iran’s Islamic Revolutionary Guard Corps.
Cryptocurrency has gained wider adoption among Iranian residents seeking alternatives to the weakening rial while trading digital assets. Researchers estimate that about 13% of Iran’s population owned cryptocurrency in 2025, representing a market valued between $8 billion and $10 billion.
However, CoinEx responded by stating that it has never had commercial ties with Iranian government entities or knowingly provided services to sanctioned parties, while rejecting suggestions that on-chain fund flows imply platform involvement in illicit activity.
The exchange said it has strengthened its compliance framework through enhanced KYC, AML monitoring, geo-fencing for Iranian users, and expanded transaction screening, adding that it also assisted Bybit in freezing assets.
Related: Iran Sits on $7.7 Billion in Crypto as US Treasury Freezes $500 Million
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