How a crypto exchange became a major hub for illicit Iranian cash

Tracing backward, investigators discovered the wallet’s funds were linked to $1.5 billion that North Korean hackers stole from the crypto exchange Bybit. After reaching the Iranian wallets, the money flowed through a complex maze of transactions. One destination was a crypto exchange that has become key to Iran’s ability to use cryptocurrency to evade far-reaching U.S. economic sanctions. CoinEx, an 8-year-old exchange founded by a Chinese engineer, has played a growing role in connecting Iran’s crypto operations to the wider world, blockchain data shows. Since 2019, wallets with an identifiable link to Iran have moved more than $3.84 billion through…