U.S. says it seized nearly $500 million in Iranian crypto assets

The U.S. has seized nearly $500 million in Iranian crypto assets, Treasury Secretary Scott Bessent said. 

The figure is higher than the $344 million in USDT previously reported as frozen by Tether. Bessent said the seizures are part of Operation Economic Fury. President Donald Trump ordered the campaign in March 2025 to increase financial pressure on Iran.

The campaign targets crypto assets, bank accounts, overseas property, and other holdings linked to Iranian officials and networks.

Treasury expands Iran pressure campaign

Bessent said, “We are freezing bank accounts everywhere. More importantly, we are making people less willing to deal with the regime.”

He also said retirement funds and overseas real estate held by Iranian officials are being targeted. The Treasury has used sanctions and asset freezes to limit Iran’s access to global finance.

Moreover, the nearly $500 million figure is above the $344 million in crypto assets reported earlier. Tether said it froze more than $344 million in USDT at the request of U.S. authorities.

Iran sanctions widen across sectors

Bessent said Iran is facing a currency crisis. He said the country’s currency has fallen 60% to 70% against the U.S. dollar.

OFAC recently sanctioned 35 entities and individuals tied to Iran’s shadow banking network. It also targeted a Chinese oil refinery and shipping firms linked to Iranian crude exports.

Treasury has also sanctioned groups tied to Iran’s missile and drone supply chain. Since February 2025, OFAC has sanctioned more than 1,000 Iran-related people, vessels, and aircraft under Operation Economic Fury.

Reports also said Iran considered Bitcoin tolls for ships passing through the Strait of Hormuz. Iran has not publicly confirmed those claims.