Washington — The United States has seized nearly $500 million in Iranian cryptocurrency assets as part of a sweeping economic pressure campaign against Tehran, Treasury Secretary Scott Bessent said Wednesday. The figure is significantly higher than the $344 million in frozen crypto assets previously disclosed last week.
Bessent made the announcement during an appearance on Fox Business’s “Kudlow,” where he outlined the scope of Operation Economic Fury, a campaign ordered by President Donald Trump in March 2025 aimed at cutting off Iran’s financial lifelines through asset seizures, bank account freezes, and secondary sanctions on countries that continue to buy Iranian oil.
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“We are freezing bank accounts everywhere. More importantly, we are making people less willing to deal with the regime,” Bessent said, adding that retirement funds and overseas real estate held by Iranian officials are also being targeted.
What explains the gap between $344M and $500M?
The $500 million figure disclosed by Bessent is roughly $156 million higher than the amount previously reported. Last week, Bessent announced that the Treasury’s Office of Foreign Assets Control (OFAC) had sanctioned several crypto wallets tied to Iran, with stablecoin issuer Tether confirming it had frozen more than $344 million in USDt (USDT) at the request of US authorities.
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Cointelegraph reached out to the US Treasury and Tether for clarification on the discrepancy but had not received a response by publication time. It remains unclear whether the additional funds were discovered in subsequent sweeps or if the initial figure was revised upward after further investigation.
Iran’s economy under mounting pressure
Bessent said Operation Economic Fury has taken a visible toll on Iran’s economy. One of the country’s largest banks collapsed in December, and its currency has fallen 60 to 70 percent against the US dollar.
“They’re in the middle of a currency crisis,” he said.
Treasury has also intensified pressure by ramping up sanctions across multiple fronts. On Tuesday, OFAC sanctioned 35 entities and individuals tied to Iran’s shadow banking network. Separately, it targeted a Chinese oil refinery and roughly 40 shipping firms operating as part of Iran’s shadow fleet, which moves Iranian crude to buyers in China and elsewhere in violation of sanctions.
The actions also hit Iran’s missile and drone supply chain, with 14 individuals and entities sanctioned for procuring components for Shahed-series attack drones and ballistic missile propellants.
Since February 2025, OFAC has sanctioned over 1,000 Iran-related persons, vessels, and aircraft as part of Operation Economic Fury.
Why crypto seizures matter in this context
Cryptocurrency has become an increasingly important tool for sanctioned nations seeking to bypass the traditional dollar-based financial system. Iran has explored using digital assets for international trade, including reports that it considered charging Bitcoin tolls for passage through the Strait of Hormuz.
Earlier this month, reports emerged that Iran was considering charging ships Bitcoin tolls for passage through the Strait of Hormuz, with empty tankers allowed free passage and loaded ones charged around $1 per barrel of oil. Forbes reported that Iran had already collected revenue from such tolls, though Tehran has not publicly confirmed the claims.
Separately, maritime risk firm Marisks warned that fraudulent actors were impersonating Iranian security services and contacting stranded shipowners, demanding payment in Bitcoin or USDt in exchange for clearance through the strait.
Conclusion
The seizure of nearly $500 million in Iranian crypto assets represents a significant escalation in the US economic pressure campaign against Tehran. The operation demonstrates how authorities are increasingly targeting digital currency holdings as part of broader sanctions enforcement, while also highlighting the challenges of tracking and freezing assets across decentralized networks. As Iran’s currency crisis deepens and its economy faces mounting pressure, the role of cryptocurrency in both sanctions evasion and enforcement is likely to remain a central focus for policymakers.
FAQs
Q1: How did the US seize Iranian crypto assets?
The Treasury’s Office of Foreign Assets Control (OFAC) sanctioned specific crypto wallets tied to Iran. Stablecoin issuer Tether then froze the assets at the request of US authorities, effectively seizing over $344 million in USDt. The total seized has now reached nearly $500 million.
Q2: What is Operation Economic Fury?
Operation Economic Fury is a campaign ordered by President Donald Trump in March 2025 aimed at cutting off Iran’s financial lifelines. It includes asset seizures, bank account freezes, secondary sanctions on countries buying Iranian oil, and targeting Iran’s shadow banking network and shipping fleet.
Q3: Why is Iran using cryptocurrency?
Iran has explored using digital assets to bypass the traditional dollar-based financial system and evade international sanctions. Reports indicate Iran has considered charging Bitcoin tolls for ships passing through the Strait of Hormuz and has used crypto for international trade payments.
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