The US Department of the Treasury (OFAC) has imposed sanctions on Shelbit, a self-proclaimed crypto exchange. Analytics firm TRM Labs confirmed that it was merely an illicit money-laundering conduit.
• Funneled $6.3 billion from May 2024 to March 2026
• 88% (approximately $5.6 billion) ran on the TRON network as US dollar-pegged stablecoins
• Wallets left with almost no remaining funds — money flowed in and out immediately, with a difference of only 0.1%
• Switched to new wallets every 1–4 months to hide traces; major clients were online gambling networks across more than 2,000 websites
[Insight: TRON and USDT, which we use for daily P2P transfers, are the exact same pathways used by bad actors for money laundering. Receiving funds from unknown parties could lead to your account being frozen, even if you are innocent.]
Kun Long
Author at The Sharing KH
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