TRM Labs finds Iranian-linked wallets moved over $3.8bn via CoinEx
A new report from TRM Labs shows Iranian-linked wallets moved over $3.8 billion through CoinEx since 2019, with some funds tied to crypto stolen by North Korean hackers from the exchange Bybit, which later passed through Iranian central bank wallets, including $1.5 billion from that heist.
CoinEx, launched in 2017, became a major route for Iran to access global crypto markets via Nobitex, its largest exchange.
CoinEx tightens controls after Nobitex sanctions
CoinEx wallets were also used for transactions involving U.S.-sanctioned groups like Iran's Revolutionary Guard Corps.
After recent sanctions on Nobitex, CoinEx started blocking Iranian IP addresses and beefed up user checks to cut ties with the Iranian market.
The company says it's reviewing flagged accounts and insists it's working to stay compliant with international rules, similar to what happened before with Binance facing US scrutiny over Iran connections.