On March 29, 2025, a shocking scandal in Iran was uncovered: senior officials of the Islamic Revolutionary Guard Corps #Iran (IRGC) are accused of embezzling 21 million USD in cryptocurrency from Cryptoland while investigating corruption. From the deceived CEO to tens of thousands of investors losing everything, this incident not only shocked but also raised major questions about transparency in the crypto industry in Iran.
The Brazen Theft by IRGC Officials
Top investigators from the intelligence and economic crime unit of #IRGC are accused of carrying out one of the boldest crypto thefts in Iran. During the investigation of the exchange Cryptoland and CEO Sina Estavi, they transferred tokens from the seized assets of the exchange into personal wallets, later selling them for profit. According to court documents released by Iran International, the two key figures are Mehdi Hajipour and Mehdi Badi – senior officials in the economic intelligence branch of the IRGC.
Blockchain evidence shows that Hajipour’s wallet alone processed over 21 million USD in BRG tokens – the native token of Cryptoland. Before the incident, Hajipour's assets were valued at only 40,000 USD, but just after 4 months, his assets surged to 14.2 million USD (600 billion rial). This money was used to buy gold, luxury real estate, and expensive cars. Hajipour was arrested in March 2022 in a sting operation after receiving 10,000 USD in bribes from Estavi – who thought he was buying back stolen tokens from a third party. In reality, this third party's identity was fabricated by Hajipour himself. He was held at a facility reserved for the IRGC’s internal affairs and was denied the right to appeal in September 2022.
Crime Networks in the IRGC
Hajipour did not act alone. Reports indicate that Badi – operating under the alias 'Dr. Ebadi' – was a key accomplice. Badi is the nephew of a former high-ranking IRGC official, raising concerns about cover-ups and irresponsibility in the system. Additionally, at least two other IRGC investigators, Majid Jahan Parto and Majid Tabatabaei, along with four others, are accused of falsifying documents to legitimize transactions.
The Collapse Journey of Cryptoland and Sina Estavi
The scandal dates back to May 2021 when Sina Estavi – CEO of Cryptoland – was arrested on charges of embezzling 20 million USD and 'disturbing the economic system'. Estavi became globally famous when he bought the first NFT tweet of Jack Dorsey (former CEO of Twitter) for 2.9 million USD. After his arrest, Cryptoland collapsed, leading to over 51,000 Iranian investors filing complaints. In 2023, Estavi was sentenced to 15 years in prison, 75 lashes, fines, and a lifetime ban from holding public office. However, despite the travel ban, he fled to France – a fact confirmed through a video and a statement from Iranian judiciary that he 'violated legal regulations'.
Although Estavi has compensated 14 million USD to 24,000 users, over 25,000 investors have yet to be reimbursed. This incident highlights the risks in the crypto industry in Iran, where regulations are still lax and easily exploited.
Connection to Global Crypto Crime
The incident at #Cryptoland is not an isolated case. In early March 2025, the US Office of Foreign Assets Control (OFAC) sanctioned Behrouz Parsarad – an Iranian running the black market Nemesis – for being involved in drug trafficking worth 30 million USD. Parsarad is accused of controlling the crypto wallet of the site, charging fees from each transaction, and seeking ways to restore the platform. These events show that the crypto-related crime network in Iran is expanding, from internal corruption to international illegal activities.
Impact on the Crypto Market
Trust: The scandal has shaken confidence in crypto in Iran, but global moves (the US being crypto-friendly, South Korea publicly disclosing assets of 9.8 million USD) still keep the market positive.
Bitcoin (~88,000 USD): Stable price, not significantly affected by the regional incident.
Local market: Iranian investors may turn to international exchanges like Binance, seeking safety.
Conclusion: What Path for Crypto in Iran?
The 21 million USD theft by IRGC officials at Cryptoland is a wake-up call about the crypto management loopholes in Iran. From Hajipour's rapid wealth to Estavi's flight, the incident exposes the dark side of the industry. Can Iran clean up the market and regain trust, or is this just the beginning of larger scandals? As 25,000 investors still await compensation, the answer remains in the shadows.
Risk warning: Crypto investment carries high risks due to price volatility and regulatory loopholes. Please consider carefully before participating.
