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US Sanctions Iranian $6bn Crypto “Exchange” Shelbit
US sanctioned Iranian firm Shelbit, a fake crypto exchange that TRM Labs says handled $6bn, likely for laundering.
The US has sanctioned Shelbit, an Iranian entity presented as a cryptocurrency exchange. TRM Labs analysis indicates Shelbit was a fake exchange, with roughly $6bn in flows. Sanctions aim to disrupt Iranian illicit crypto finance channels.
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Fraudsters steal $6 million from Tectonic crypto platform after inflating token price
Attackers inflated Tectonic's Tonic token price 100x in 20 minutes and borrowed $74 million against it, stealing $6 million before Cronos halted activity.
Attackers manipulated the price of Tectonic's thinly traded Tonic token, raising it more than 100-fold in 20 minutes, then used the inflated tokens as collateral to borrow assets in an attempted $74 million theft. About $6 million left the platform; Cronos halted blockchain activity and later restored roughly $69 million in frozen funds via an on-chain rollback. Tectonic plans a phased reopening and a postmortem. TRM Labs says market manipulation now accounts for one in eight crypto hacks, with 32 incidents in 2026, and compares the case to the 2022 Mango Markets manipulation that led to a criminal conviction.
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U.S. Sanctions Iran-Linked Hackers Behind Critical Infrastructure Breaches
U.S. Treasury sanctioned nearly 60 Iran-linked entities, including MOIS-affiliated Mabna Institute hackers behind breaches of U.S. critical infrastructure and millions in crypto theft.
The U.S. Treasury launched Operation Economic Outcast, designating nearly 60 Iran-linked entities, individuals, and vessels across nuclear, missile, oil, cyber, and digital asset networks. Five sanctioned individuals are members of the Tehran-based Mabna Institute indicted last week; three allegedly breached and exfiltrated data from U.S. energy, defense, healthcare, IT, and financial organizations since late 2023. TRM Labs traced roughly $16.8 million across 30 wallets tied to the members, and the State Department announced a reward of up to $10 million. The action follows Iranian hacking of FBI Director Kash Patel's email and attacks on over 30 U.S. water and wastewater utilities.
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OFAC Sanctions Chinese Scam Platform Xinbi Guarantee
US Treasury's OFAC sanctioned Chinese scam-platform Xinbi Guarantee, which processed $24bn+, and froze $52.8m in linked cryptoassets.
OFAC sanctioned Xinbi Guarantee, a Chinese-language marketplace connecting Southeast Asian scam centers and transnational crime syndicates to merchants offering financial services, technology and crypto exchange. Treasury estimates over $24bn processed since 2022, while TRM Labs estimates over $36bn, with daily inflows nearly doubling between May and December 2025. Two supporting entities were also sanctioned: SafeW Technology (Singapore) and Anwen Technology (Cambodia, maker of XinbiPay). The US Secret Service and Elliptic froze $52.8m in linked cryptoassets, and the marketplace now appears offline with its Telegram channels deleted.
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