US sanctions Georgian firm SHPS Shelbit for IRGC-linked crypto transfers exceeding $3 million
This digest was compiled by AI from multiple sources — links to the originals are below.
The U.S. Treasury Department sanctioned Georgian company SHPS Shelbit on August 9 for its role in an illicit crypto network that moved over $3 million for Iran's Islamic Revolutionary Guard Corps. The firm allegedly acted as a transit point for IRGC-controlled crypto, receiving over $1 million and sending back over $2 million.
The Sanctions Action
The U.S. Treasury Department's Office of Foreign Assets Control (OFAC) imposed sanctions on SHPS Shelbit, a company registered in Georgia, on August 9, 2026. OFAC accused the firm of participating in a global money laundering and sanctions evasion scheme designed to benefit Iran and the Islamic Revolutionary Guard Corps (IRGC). The action freezes any of the company's assets under U.S. jurisdiction and prohibits American individuals and entities from dealing with it.
Crypto Money Laundering Network
According to the Treasury, Shelbit Exchange served as a primary channel for the transit of cryptoassets belonging to the IRGC's power structures. Over $1 million was transferred from IRGC-controlled crypto addresses to Shelbit accounts, and more than $2 million was sent in the opposite direction, from Shelbit to IRGC-linked entities. The scheme allowed the IRGC to move funds internationally while evading U.S. sanctions.
What's Next
OFAC's designation may prompt further scrutiny of Georgian-registered shell companies and crypto exchanges in the region. It remains unclear whether Georgian authorities will take parallel enforcement actions against Shelbit or other entities.
1 source
US sanctions Georgian firm SHPS Shelbit for IRGC-linked crypto transfers exceeding $3 million
