(CNN) Iran executed two men for financial crimes early Wednesday, punishments that were quickly assailed by Amnesty International as disproportionate and reflective of Tehran's "shameless disregard for the right to life."

Vahid Mazloumin, a mogul known for his work in the gold coin trade and nicknamed the "Sultan of Coins," and his accomplice Mohammad-Esmaeil Qassemi were found guilty of forming a "smuggling gang" that manipulated the domestic currency market and made "illegal deals," Iran's state-run IRNA news said.

Mazloumin, 58, was arrested in July and sentenced to death in October for allegedly hoarding the coins, a move which Iran said destabilized the country's currency market, IRNA reported.

The Iranian rial has been in a nosedive this year, largely due to the Trump administration's decision to reimpose sanctions against Tehran after the White House abandoned the Iran nuclear deal. Many Iranians have reportedly rushed to buy gold, foreign currencies and precious metals to protect their savings, as the rial is estimated to have plummeted by around 70%.

The IRNA report said that "in recent months, (the) economic situation and the instability in the Forex market have caused popular discontent."

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