Sina Estavi, the CEO of a cryptocurrency exchange company, has escaped Iran despite a travel ban imposed on him for $20m embezzlement.

The confirmation of Estavi's escape surfaced when a video emerged, showing him in France. Mizan, the Judiciary News Agency, unequivocally stated that Estavi had left Iran “in violation of legal prohibitions.” Estavi is under an Interpol red notice for his arrest and extradition.

Earlier this month, the Tehran Revolutionary Court's Branch Five sentenced him to 15 years in prison, 75 lashes, fines, asset forfeiture, and governmental service deprivation.

Fars News Agency, associated with the Revolutionary Guards, reported that “Estavi's cooperation in addressing claims from 24,000 shareholders resulted in his release under strict supervision, coupled with the imposition of bail.”

Estavi's extensive list of charges includes forgery of official documents, selling non-existent property, and purchasing antique items.

Tajarat News recently revealed Estavi's embezzlement exceeding $20 million, further emphasizing the bleak prospects for victims seeking to recover their losses following his escape.

In April 2021, IRNA state news agency reported that Estavi had acquired the ownership rights to the first tweet in history from Jack Dorsey, the founder of Twitter, for a sum of $2.9 million.

Estavi, who was arrested in May 2021 on charges of “disrupting the economic system and breaching trust”, was accused of unlawfully withdrawing funds from more than 51,000 Cryptoland users.

Iran's Judiciary disclosed that Cryptoland's operations were unauthorized, highlighting the illicit nature of the cryptocurrency exchange.