The CEO of Tehran’s Stock Exchange Market, Ali Sahraei, has resigned from his position following the discovery of a cryptocurrency mining farm in the building’s basement. Despite the discovery of dozens of miners working in the building, the organization’s public relations team strongly denied the existence of the farm, claiming that they have been running an investigation and research project into cryptocurrency since 2020.
Sahraei issued a statement saying, “To create an opportunity for further research on the issue of cryptocurrency mining in the Tehran Stock Exchange and to consolidate the capital market, I submitted my resignation to the board of directors of the Tehran Stock Exchange, and the board approved my resignation.”
Despite the miners using high volumes of electricity, Tavanir, Iran’s electricity organization initially denied their existence. Following Sahraei’s resignation, Tavanir later refused to comment on the incident even though state media have confirmed that the current electricity shortages in Iran are because of the regime’s rampant cryptocurrency mining activities. The mining farms are run by the Revolutionary Guards (IRGC) to generate funding for the regime’s other malign activities.
The National Council of Resistance of Iran (NCRI) said, “The existence of this mining farm in Tehran’s Stock Exchange building comes after months of protests by the defrauded people who the regime deceived into investing in the Stock Exchange Market and later plundered them. There have been dozens of protests by the defrauded creditors in the last few months.”
To compensate for the government’s budget deficit, former president Hassan Rouhani, supervised by the regime’s Supreme Leader Ali Khamenei, planned a scheme to encourage Iranians to invest in the Stock Exchange market as, according to the state-run Jahan-e Sanat daily last year, “The reduction of oil and tax revenues would lead to a budget deficit of about 2,000 trillion rials.”
In an announcement by Farhad Dejpasand, the minister of economics in Rouhani’s administration, made in October 2020, he stated, “I would like to announce the good news. Due to the measures devised by the government, we could have been able to compensate our budget deficit by selling securities and transferring shares of state-owned companies.”
He encouraged people across Iran to put forward their own money and invest, claiming that by transferring government shares, in the first half of 2020 they had managed to earn around 33,000 billion tomans.
The NCRI said, “Some 70 trillion rials of shares of social security investment companies, or Shasta, were sold to two million people in the form of eight billion shares. This reached 3,600 shares for each stock exchange code or each buyer. These shares were ten percent of Shasta’s capital.”
Iranian people were deceived by the regime who encouraged them into investing in what they promised to be a ‘booming stock market’, however, in January of this year, TEDPIX, the main index of the Tehran Stock Exchange (TSE) rapidly plummeted, leading to its collapse. As a result, millions of Iranian citizens have lost their entire life savings.
The NCRI said, “The recent scandal of discovering a cryptocurrency mining farm at Tehran Stock Exchange’s building once again indicated the regime’s institutionalized corruption. This corruption has ravaged people’s lives within the last four decades.”