The WSJ reported that Iranian entities have moved more than $3.84 billion through the CoinEx crypto exchange since 2019 to evade U.S. economic sanctions. A blockchain analysis from TRM Labs has traced funds to wallets controlled by Iran’s central bank, showing connections to one of the biggest crypto hacks in history: the $1.5 billion stolen from Bybit by North Korean hackers.
A decade-long evasion network
Started by a Chinese engineer back in 2018, CoinEx has turned into the main spot for Iran’s crypto moves. According to the WSJ and TRM Labs, wallets clearly linked to Iran have shuffled over $3.84 billion through the site since 2019.
Just in 2024, the money moving between CoinEx and Nobitex (Iran’s largest exchange) topped $763 million. This makes CoinEx the top international partner for Nobitex, actually beating out Binance in the process.
Connections to North Korean hackers and the IRGC
Per investigations, analysts traced funds from two digital wallets controlled by Iran’s central bank to the $1.5 billion stolen by North Korean hackers from Bybit. After moving through a complex maze of transactions, the funds ultimately flowed into CoinEx.
More concerning, CoinEx had direct dealings with wallets that the U.S. government has identified as belonging to the Islamic Revolutionary Guard Corps (IRGC), a designated (by the U.S.) foreign terrorist organization.
Exchange response and industry implications
CoinEx founder Haipo Yang acknowledged that the exchange had a large number of Iranian users, but he denied having any formal relationship with the Iranian government. He noted that the exchange is currently blocking new sign-ups from Iranian IP addresses.
This whole investigation is popping up right on the heels of the U.S. Treasury slapping sanctions on four different Iranian exchanges, including Nobitex, which handled over 50 percent of Iran’s digital asset money back in 2025. The entire case underscores the ongoing, tricky tension between the borderless world of crypto and the strict, territory-based enforcement of international sanctions.
