Authorities said Iran has increasingly turned to crypto to bypass restrictions, using more complex transaction patterns to obscure its involvement in cross-border payments and support trade flows under sanctions pressure.

Treasury’s OFAC is trying to turn up the pressure by moving aggressively against both the traditional front companies and the use of digital assets, the official said. Meanwhile, it sanctioned Hengli Petrochemical (Dalian) Refinery Co. on Friday, accusing the China-based independent refineries of playing a major role in Iran’s oil economy.

The U.S. agency said it continues to work with blockchain analytics firms and maintains coordination with financial institutions, including crypto exchanges, as it tracks illicit flows tied to sanctioned entities.

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Terraform founder Do Kwon (Filip Filipovic/Getty Images)

A filing Thursday said the lawsuit rehashes events already settled in court and seeks damages for losses caused by internal misconduct.

What to know:

  • Jane Street asked a federal judge to dismiss Terraform Labs’ bankruptcy lawsuit, arguing it is an effort to shift blame for the 2022 collapse of the TerraUSD stablecoin and Luna token.
  • The trading firm says Terraform’s fraud has already been adjudicated through criminal and civil cases against founder Do Kwon,…

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