US Quietly Seizes Nearly $500 Million in Iranian Crypto

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The United States, playing fiscal shepherd to a particularly stubborn herd of digital coins, has seized nearly $500 million in Iranian crypto assets, according to Treasury Secretary Scott Bessent.

Summary

  • Treasury Secretary Scott Bessent said U.S. crypto seizures tied to Iran now approach $500 million-a round number that makes budgets look almost optimistic.
  • The figure is higher than the $344 million USDT freeze previously confirmed by Tether, a company that seems to count its coins with the enthusiasm of a cat counting its whiskers.
  • The seizures form part of Operation Economic Fury, a campaign aimed at Iran’s banks, crypto assets, and oil networks, conducted with the seriousness of a spreadsheet uploaded to orbit.

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, which is to say, the regime is now being squeezed with all the subtlety of a malfunctioning vending machine.

The campaign targets crypto assets, bank accounts, overseas property, and other holdings linked to Iranian officials and networks, because apparently a globe-spanning money puzzle needs a few more pieces to look suspiciously like a conspiracy novel.

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, which is finance-speak for “we have a very large lever and we intend to use it while humming sotto voce.”

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, which is just long enough to become a legend in the world of numbers and slightly shorter than a season of a very serious television drama.

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, which is the kind of math that will make even a calculator consider retirement.

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, because nothing says clear-eyed restraint like cross-border oil logistics and a few well-timed fines.

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, which sounds like a very efficient way to organize a family reunion for geopolitical bureaucrats.

Reports also said Iran considered Bitcoin tolls for ships passing through the Strait of Hormuz. Iran has not publicly confirmed those claims, which is probably for the best-nobody wants to spend their day arguing with a blockchain about maritime etiquette.

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2026-04-30 14:02