An unlicensed Dubai-based crypto exchange processed at least $4 billion while serving as a hub connecting an Iranian gambling network, the country's central bank and entities linked to the Islamic Revolutionary Guard Corps (IRGC), Reuters reported Friday.
Shelbit, run by Iranian expatriate Siavash Kayvanpour, handled the funds after apparently beginning operations in May 2024, according to blockchain data analyzed by two unnamed investigative firms and researcher Rich Sanders and shared with Reuters.
Its customers included a network of more than 2,000 Farsi-language gambling websites promoted by Iranian influencers Sasha Sobhani and Pooyan Mokhtari, Reuters reported. Tens of millions of dollars associated with the sites could be traced to Shelbit.
The exchange also directly interacted with Iran's central bank, wallets Israel has linked to the IRGC, and Nobitex, Iran's largest crypto exchange. Researchers said Shelbit processed at least $125 million from the central bank and another $20 million originating from a suspected Iranian bitcoin mining operation.
Reuters said it could not independently determine whether the IRGC directly controlled Shelbit or the gambling network. The report also did not identify who within Iran's government oversaw the operation or establish where much of the crypto ultimately ended up.
