Leak of 4 Billion USD Through Shelbit Exchange Linked to Illegal Gambling

An illegal gambling network based in Dubai is using the cryptocurrency exchange Shelbit to transfer hundreds of millions of USD in digital assets. The entire operation is estimated to be worth 4 billion USD. Shelbit, run by Siavash Kayvanpour, allows sanctioned entities, including the Central Bank of Iran, to circumvent international financial restrictions. The Central Bank of Iran has been under sanctions since 2019 due to its financing of the Islamic Revolutionary Guard Corps. The illegal gambling network encompasses over 2,000 online platforms and is considered the largest Iranian network of its kind. Shelbit has been transferring funds to leading cryptocurrency exchanges, including Binance, which conducted an investigation and froze user accounts following reports. Analysts indicate that Shelbit supports the Islamic Revolutionary Guard Corps, and some cryptocurrencies originate from Iranian mines. This situation underscores the need for stricter controls on the flow of digital assets by financial markets and regulators.

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