What does the Bybit hack have to do with CoinEx?

The Wall Street Journal reported that investigators traced funds linked to the Bybit hack through wallets allegedly connected to the Central Bank of Iran before the assets reportedly moved through CoinEx. The Bybit theft involved approximately US$1.5 billion in digital assets.

How is CoinEx connected to sanctions enforcement efforts?

CoinEx has not been subject to a new U.S. enforcement action related to the allegations. However, the report emerged as U.S. authorities increase scrutiny of cryptocurrency platforms and wallets suspected of facilitating transactions linked to sanctioned entities.

What are the allegations involving the Central Bank of Iran and CoinEx?

Investigators cited by the Wall Street Journal alleged that two wallets controlled by the Central Bank of Iran received funds that could be traced back to assets stolen in the Bybit hack. The report said some of those funds later moved through CoinEx.

What does the CoinEx case mean for cryptocurrency exchanges?

The CoinEx case highlights increasing regulatory focus on how cryptocurrency exchanges monitor transactions and enforce compliance controls. Authorities are using blockchain tracing tools more frequently to investigate alleged sanctions evasion, money laundering and the movement of stolen crypto assets.

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CoinEx faces scrutiny over $3.84B flows

Q: Why is CoinEx under scrutiny over Iran-linked transactions?

CoinEx is under scrutiny after a Wall Street Journal report alleged that more than US$3.84 billion in Iran-linked cryptocurrency transactions moved through the exchange between 2019 and 2025. The report cited TRM Labs analysis and public blockchain data.

Written by Isaac FrancisPublished Jun 25, 2026, 5:20 AM

A Wall Street Journal report linked more than US$3.84 billion in Iran-related crypto transactions to CoinEx since 2019.
Investigators reportedly traced Iranian central bank wallets to funds connected to the US$1.5 billion Bybit hack.
The report comes as U.S. authorities increase sanctions enforcement against Iranian crypto exchanges and wallets.

CoinEx is facing increased scrutiny after a Wall Street Journal report alleged that more than US$3.84 billion in Iran-linked cryptocurrency transactions moved through the exchange between 2019 and 2025.

The report cited TRM Labs and public blockchain data, which allegedly identified CoinEx as a significant route used by Iranian entities to move funds despite U.S. sanctions restrictions.

The Wall Street Journal reported that investigators traced activity from two wallets controlled by the Central Bank of Iran to funds connected to assets stolen during the Bybit hack.

According to the report, investigators followed transaction flows from the Iranian wallets to assets linked to the US$1.5 billion Bybit theft, which U.S. authorities previously attributed to North Korean hacking groups, before the funds allegedly moved through CoinEx.

CoinEx has not been subject to a new U.S. enforcement action related to the claims, and following the report the CoinEx exchange token price was unchanged at N/A because no market data was provided.

The allegations emerge as the U.S. Treasury expands sanctions measures targeting Iranian cryptocurrency activity, including actions against several exchanges that authorities claim facilitated access to digital asset markets for sanctioned entities.

The report also highlighted growing regulatory attention on how centralised exchanges monitor transaction flows, as authorities increasingly use blockchain tracing tools to identify alleged sanctions evasion, money laundering and the movement of stolen cryptocurrency assets.