CoinEx has become a key hub for Iran to evade sanctions, involving more than $3.8 billion

Comparative news, according to the “Wall Street Journal” report, blockchain data analysis shows that Iranian entities have completed more than 3.84 billion US dollars of transactions through the cryptocurrency exchange CoinEx to evade US economic sanctions.

Investigators tracked down funds linked to two digital wallets controlled by Iran's central bank and linked to the $1.5 billion previously stolen by North Korean hackers from the Bybit exchange. After the relevant funds were transferred through complex multi-tier transaction routes, they eventually flowed into CoinEx, making it one of the core channels for Iran to use cryptocurrencies to bypass the sanctions system.