On Sept. 16, OFAC named Alireza Derakhshan and Arash Estaki Alivand as central figures in a network that moved more than $100 million worth of crypto between 2023 and 2025.
According to the agency, the pair relied on multiple front companies across jurisdictions to obscure the trail of funds used in Iran’s oil-for-crypto trade.
The designations were made under Executive Order 13224, a legal framework that targets individuals who materially assist or finance terrorism-related entities.
OFAC stated that both men provided financial and technological support to the Islamic Revolutionary Guard Corps–Qods Force (IRGC-QF), one of Iran’s most sanctioned military branches.
Alivand, described as both an oil broker and financial facilitator, worked closely with the Syria-based Al-Qatirji Company, a long-time partner of the IRGC-QF in distributing Iranian oil.
In 2023, he arranged a payment from a Derakhshan-run front company to Al-Qatirji, linking crypto-based transactions directly to sanctioned oil sales.
Alivand also transacted multimillions of dollars with Tawfiq Muhammad Sa’id Al-Law, a Hezbollah-linked money changer who provided access to digital wallets for funds tied to IRGC-QF operations.
Derakhshan’s role was equally significant. He established and operated companies in Hong Kong and the United Arab Emirates to process transactions for Iranian entities already under sanction.
These structures allowed Tehran to sidestep restrictions while keeping financial flows active in global markets.
John K. Hurley, the Under Secretary of the Treasury for Terrorism and Financial Intelligence, said:
“Iranian entities rely on shadow banking networks to evade sanctions and move millions through the international financial system.”
As a result of the designations, both men are now barred from engaging with US persons or institutions. Anyone found facilitating their transactions risks secondary sanctions.
