US seized $500M in Iranian crypto assets, Treasury secretary says

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.

Bessent made the comments 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.

“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.

The $500 million figure is much higher than the $344 million in seized crypto assets previously disclosed. Last week, Bessent announced that the Treasury’s Office of Foreign Assets Control 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.

Source: Scott Bessent

Cointelegraph reached out to the US Treasury and Tether for an explanation on the gap between the two figures, but had not received a response by publication.

Related: Iran views BTC as strategic asset, but USDt still dominates oil tolls: BPI

Iran’s economy under pressure

Bessent said Operation Economic Fury has taken a toll on Iran’s economy. One of the country’s largest banks collapsed in December, and its currency has fallen 60 to 70% 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.

Related: Binance.US cuts spot trading fees to near zero in push to undercut rivals

Iran weighs crypto tolls for Hormuz passage

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.

Magazine: Will the CLARITY Act be good — or bad — for DeFi?