U.S. Treasury: Nearly $500M in Iranian Crypto Seized

The U.S. Treasury announced it has seized nearly $500 million in Iranian cryptocurrency assets as part of Operation Economic Fury, a campaign ordered by President Donald Trump in March 2025 to cut off Tehran’s financial lifelines by seizing assets, freezing accounts and imposing sanctions. Treasury Secretary Scott Bessent announced the figure during an interview, saying the effort targets crypto holdings, overseas real estate and retirement accounts linked to Iranian officials.

The nearly $500 million total is higher than a previously disclosed figure of $344 million in frozen crypto assets. Stablecoin issuer Tether confirmed it froze more than $344 million in USDT at the request of U.S. authorities. Treasury and Tether did not immediately respond to requests for clarification about the difference between the two totals.

Operation Economic Fury has expanded beyond crypto enforcement. Since February 2025, the Treasury’s Office of Foreign Assets Control has designated more than 1,000 Iran-related people, vessels and aircraft. Recent actions included designations of 35 entities and individuals tied to Iran’s shadow banking network, roughly 40 shipping firms that move Iranian crude, and a foreign refinery accused of transferring Iranian oil to buyers in violation of sanctions.

The Treasury also targeted parts of Iran’s missile and drone supply chain, sanctioning 14 individuals and entities for procuring components used in Shahed-series attack drones and materials for ballistic missiles. Bessent said the pressure has affected Iran’s economy: one of the country’s largest banks collapsed in December and the rial has fallen an estimated 60 to 70 percent against the U.S. dollar.

Bessent stated, “We are freezing bank accounts everywhere. More importantly, we are making people less willing to deal with the regime.” He added, “They’re in the middle of a currency crisis.”

Reports indicate Iran has considered collecting cryptocurrency fees for commercial ships transiting the Strait of Hormuz, charging about $1 per barrel in Bitcoin for loaded tankers while exempting empty vessels; Iranian authorities have not confirmed such a tolling scheme. Maritime risk analysts have warned that individuals impersonating Iranian security services have contacted stranded shipowners and demanded payment in Bitcoin or USDT for clearance.

Treasury officials have increasingly used secondary sanctions and asset freezes to pressure third countries and private firms that continue to purchase Iranian oil or facilitate transactions. The agency said it will continue using financial tools, including crypto-account freezes, to limit Iran’s access to revenue.