Currently, Iran is engaged in conflict with the United States and Israel, and a significant financial scam has come to light that potentially enabled billions in funding to the Islamic Republic's prominent military entity, the IRGC, as well as its proxy groups. According to a report by Iran International, two cryptocurrency exchanges registered in the UK utilized a cat photo, stock images, and a fictitious CEO to orchestrate this financial support to the Iranian government and the IRGC. The mastermind behind this scheme is identified as Babak Morteza Janjani, a billionaire businessman who was sentenced to death in 2016, with his sentence commuted in 2024.

The scam came to be known through an investigation by the Organized Crime and Corruption Reporting Project (OCCRP), which revealed that the companies Zedsex and Zedxian were listed with a director and CEO named Elizabeth Newman. However, the investigation uncovers that there is no passport record, immigration history, or any other evidence supporting the existence of this individual. This strange discrepancy plays into the ongoing pattern of deception used to facilitate financial transactions that aid international actors in a geopolitical landscape where sanctions and monitoring are key factors.

This case not only highlights the vulnerabilities and loopholes present in cryptocurrency operations but also reflects the broader implications for international security and diplomacy, particularly as Iran faces increasing pressures. The findings raise questions about regulatory controls over digital currencies and the effectiveness of monitoring systems that are meant to prevent illicit financial flows, especially concerning entities under sanctions. As tensions escalate in the region, this investigation sheds critical light on how sophisticated scams can impact global politics and economic stability.