The Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned two Iranian financial facilitators for coordinating over $100 million worth of cryptocurrency in oil sales for the Iranian government, a September 16 press release shows. OFAC Sanctions Iranian Nationals According to the Tuesday press release, Iranian nationals Alireza Derakhshan and Arash Estaki Alivand “used a network of front companies in multiple foreign jurisdictions” to transfer the digital assets. OFAC alleges that Alivand and Derakhshan’s transfers also involved the sale of Iranian oil that benefited Iran’s Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF) and the Ministry of Defense and Armed Forces Logistics (MODAFL). IRGC-QF and MODAFL then used the proceeds to support regional proxy terrorist organizations and strengthen their advanced weapons systems, including ballistic missiles. U.S. officials say the move targets shadow banking in the region, where illicit financial actors use overseas money laundering and digital assets to evade sanctions. “Iranian entities rely on shadow banking networks to evade sanctions and move millions through the international financial system,” said Under Secretary of the Treasury for Terrorism and Financial Intelligence John K. Hurley. “Under President Trump’s leadership, we will continue to disrupt these key financial streams that fund Iran’s weapons programs and malign activities in the Middle East and beyond,” he continued. Dozens Designated In Shadow Banking Scandal Both Alivand and Derakhshan have been designated “for having materially assisted, sponsored, or provided financial, material, or technological support for, or goods or services to or in support of the IRGC-QF.” In addition to Alivand and Derakhshan, OFAC has sanctioned more than a dozen Hong Kong and United Arab Emirates-based entities and individuals tied to the network. According to the press release, the sanctioned entities may face civil or criminal penalties imposed as a resultThe Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned two Iranian financial facilitators for coordinating over $100 million worth of cryptocurrency in oil sales for the Iranian government, a September 16 press release shows. OFAC Sanctions Iranian Nationals According to the Tuesday press release, Iranian nationals Alireza Derakhshan and Arash Estaki Alivand “used a network of front companies in multiple foreign jurisdictions” to transfer the digital assets. OFAC alleges that Alivand and Derakhshan’s transfers also involved the sale of Iranian oil that benefited Iran’s Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF) and the Ministry of Defense and Armed Forces Logistics (MODAFL). IRGC-QF and MODAFL then used the proceeds to support regional proxy terrorist organizations and strengthen their advanced weapons systems, including ballistic missiles. U.S. officials say the move targets shadow banking in the region, where illicit financial actors use overseas money laundering and digital assets to evade sanctions. “Iranian entities rely on shadow banking networks to evade sanctions and move millions through the international financial system,” said Under Secretary of the Treasury for Terrorism and Financial Intelligence John K. Hurley. “Under President Trump’s leadership, we will continue to disrupt these key financial streams that fund Iran’s weapons programs and malign activities in the Middle East and beyond,” he continued. Dozens Designated In Shadow Banking Scandal Both Alivand and Derakhshan have been designated “for having materially assisted, sponsored, or provided financial, material, or technological support for, or goods or services to or in support of the IRGC-QF.” In addition to Alivand and Derakhshan, OFAC has sanctioned more than a dozen Hong Kong and United Arab Emirates-based entities and individuals tied to the network. According to the press release, the sanctioned entities may face civil or criminal penalties imposed as a result

                                                                               ETHZilla CEO McAndrew Rudisill said the company’s strategy is to deploy Ether on the Ethereum network through layer-2 protocols and tokenizing real-world assets.                     Ether treasury company ETHZilla is looking to raise another $350 million through new convertible bonds, with funds marked for more Ether purchases and generating yield through investments in the ecosystem. ETHZilla chairman and CEO McAndrew Rudisill said on Monday that the company’s strategy is to deploy Ether (ETH) in “cash-flowing assets” on the Ethereum network through layer-2 protocols and tokenizing real-world assets. A growing number of digital asset companies are moving past simply holding crypto and looking to generate yields through active participation in the ecosystem, which crypto executives told Cointelegraph in August, could help spark a DeFi Summer 2.0.Read more