The United States has seized nearly $500 million in Iran-linked cryptocurrency assets as part of a broader economic pressure campaign against Tehran, Treasury Secretary Scott Bessent said Wednesday.
Speaking on Fox Business’s “Kudlow,” Bessent detailed Operation Economic Fury, a campaign ordered by Donald Trump in March 2025 aimed at restricting Iran’s financial networks through asset seizures, bank account freezes and secondary sanctions on countries continuing to purchase Iranian oil.
“We are freezing bank accounts everywhere. More importantly, we are making people less willing to deal with the regime,” Bessent said, noting that retirement funds and overseas real estate tied to Iranian officials are also being targeted.
The updated $500 million figure significantly exceeds the previously disclosed $344 million in seized crypto assets. Last week, Bessent said the Treasury’s Office of Foreign Assets Control had sanctioned multiple crypto wallets linked to Iran, with Tether confirming it had frozen more than $344 million worth of USDt (USDT) at the request of US authorities.
Iran’s economy under strain
Scott Bessent said Operation Economic Fury has significantly impacted Iran’s economy, pointing to the collapse of one of its largest banks in December and a sharp currency depreciation of 60–70% against the US dollar. “They’re in the middle of a currency crisis,” he noted.
The Office of Foreign Assets Control has also expanded sanctions across multiple fronts. On Tuesday, it designated 35 individuals and entities tied to Iran’s shadow banking network. Additional measures targeted a Chinese oil refinery and around 40 shipping firms linked to Iran’s so-called shadow fleet, which transports crude to buyers in China and elsewhere in violation of sanctions.
Sanctions have also hit Iran’s missile and drone supply chains, with 14 individuals and entities blacklisted for sourcing components used in Shahed attack drones and ballistic missile propellants. Since February 2025, OFAC has sanctioned more than 1,000 Iran-linked individuals, vessels and aircraft under the campaign.
Reports of crypto tolls
Earlier this month, reports suggested Iran was considering charging ships Bitcoin tolls for passage through the Strait of Hormuz. Empty tankers would reportedly pass freely, while loaded vessels could face fees of about $1 per barrel of oil. Forbes claimed such tolls may already have generated revenue, though Tehran has not confirmed the reports.
Separately, maritime risk firm Marisks warned that scammers posing as Iranian security officials have been contacting stranded shipowners, demanding payments in Bitcoin or USDt in exchange for safe passage through the strait.
