How Shelbit Became a USD 6.3 Billion Settlement Layer for Iran's Illicit Economy
TRM Labs traced USD 6.3 billion in flows through Shelbit, an unlicensed exchange based in Dubai. The report links the exchange to sanctions exposure involving Iran's IRGC, Hamas, and Russian actors, positioning it as a settlement layer for Iran's illicit economy. The findings are backed by on-chain evidence presented in the analysis.
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