The Wall Street Journal: CoinEx has become a key hub for Iran to evade sanctions, involving over $3.8 billion in funds

According to The Wall Street Journal, blockchain public chain data analysis shows that Iranian entities have completed over $3.84 billion in transactions through the cryptocurrency exchange CoinEx to evade U.S. economic sanctions.

Investigators have traced funds associated with two digital wallets controlled by the Central Bank of Iran, which are linked to the $1.5 billion stolen by North Korean hackers from the Bybit exchange. After flowing through a complex multi-layer transaction path, the related funds ultimately entered CoinEx, making it one of the core channels for Iran to bypass the sanctions system using cryptocurrency.