Woofun AI reports that wallets with clear ties to Iran have transferred over $3.84 billion in transaction funds through the cryptocurrency exchange CoinEx since 2019. Among these, wallets hosted by CoinEx received hacked crypto assets acquired by the Central Bank of Iran and conducted direct transactions with accounts previously identified by U.S. officials as belonging to Iran's Islamic Revolutionary Guard Corps.

Blockchain data indicates that in 2024, CoinEx replaced Binance as the largest foreign counterparty for Iran's biggest domestic crypto exchange, Nobitex. Last year, the flow of funds between Nobitex and CoinEx exceeded $763 million.

Additionally, between 2022 and 2025, wallets hosted by CoinEx processed transactions for Alireza Derakhshan, an Iranian individual allegedly involved in a network selling sanctioned oil.