Nobitex was the largest cryptocurrency exchange in Iran. Two brothers, from one the most influential Islamic Republic families and with ties towards the Supreme Leaders, founded it, according to Reuters.
Ali and Mohammad Kharrazi launched the exchange that now represents Iran’s largest crypto activity. The two operated as a duo under an alternate surname “Aghamir,” The Kharrazi Dynasty was hidden by the aliases they adopted in their corporate and professional records. according The report.
Families like the Kharrazis have long held leadership positions within Iran, including Ali Khamenei’s successor Mojtaba Khamenei.
Ali’s and Mohammad’s grandparents’ served as members of the Assembly of Experts which is responsible for the appointment of Iran’s supreme leaders. They also reportedly tutored Mojtaba Khomenei. According to the report, their father Ayatollah Kharrazi founded a political Iranian group called Hezbollah, and played a role in the early formation of the Islamic Revolutionary Guard Corps after the revolution.
Related: Iran is Weighing Crypto Tolls for Ships using Strait of Hormuz: Report
Nobitex continues to operate even in wartime
Nobitex has been operating throughout the conflict between the United States of America and Israel. This includes a blackout on the internet. Reuters reported that analysts said more than 100 million dollars in transactions had been processed throughout the conflict, and significant amounts of money were sent abroad.
Reuters cites Reuters investigators as saying that the platform had processed transactions linked with sanctioned organizations. However, estimates vary. Elliptic Analytics estimated $366 Million in suspected flows. Chainalysis calculated a figure of $68M, and Crystal Intelligence reported about $22M in direct transfers.
Separate discoveries indicate that wallets linked to Iran’s Central Bank sent cryptocurrency worth hundreds of millions to Nobitex by 2025 as part of an overall strategy to circumvent financial restrictions. In a dispute with Babak Zanjani, wallet addresses were revealed that analysts claim contained at least 20 million dollars in funds routed by the Iranian state.
Babak Zanjani is an Iranian billionaire who was convicted of fraud. In his post, he criticises Central Bank of Iran. Source: Reuters
Nobitex denies any affiliation with the government, and claims that illegal transactions are a tiny part of its overall business.
Related: Iran views BTC as strategic asset, but USDt still dominates oil tolls: BPI
US seizes $500 million in Iranian crypto
Cointelegraph reports that US officials have reportedly reacted to the recent terrorist attacks in Paris. seized nearly $500 million Operation Economic Fury, a financial campaign that focuses on Iran-linked cryptocurrency, has significantly increased its crackdown.
This latest number represents a significant increase over previously reported totals. including $344 million Stablecoin Tether, which issuing digital assets in the form of frozen funds.
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Source: cointelegraph.com
