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 shared these comments during an appearance on Fox Business’ “Kudlow.” scratched the scope of Operation Economic Fury, the campaign ordered by President Donald Trump in March 2025 to cut off Iran’s financial pillars through asset confiscation, bank account freezes, and secondary sanctions on countries that continue to purchase Iranian oil.
“We are freezing bank accounts everywhere. More importantly, we are making people less willing to engage with the regime,” Bessent said, adding that pension funds and foreign properties owned by Iranian officials are also being targeted.
The $500 million figure is significantly higher than the previously disclosed $344 million in seized crypto assets. Last week, Bessent announced that the Treasury’s Office of Foreign Assets Control had imposed sanctions on several Iran-linked cryptocurrency wallets, and stablecoin issuer Tether confirmed that it had frozen more than $344 million in USDT at the request of US authorities.
Source: Scott Bessant
Cointelegraph has asked the US Treasury and Tether for clarification on the discrepancy between the two numbers, but has not received a response via publication.
Related: Iran Sees BTC as a Strategic Asset, but USD Still Dominates Oil Rates: BPI
Iran’s economy under pressure
Bessent said Operation Economic Fury has taken a toll on Iran’s economy. In December, one of the country’s largest banks collapsed and its currency fell by 60-70% against the US dollar. “They are in the middle of a currency crisis,” he said.
The Treasury Department has also stepped up the pressure, tightening sanctions on multiple fronts. OFAC on Tuesday sanctioned 35 entities and individuals linked to Iran’s shadow banking network. Separately this targeted a Chinese oil refinery and approximately 40 shipping companies operating under Iran’s shadow fleet, which transports Iranian oil to customers in China and other countries in violation of sanctions.
The actions also hit Iran’s supply chain of missiles and drones, which includes 14 people and entities sanctioned for the purchase of components for Shahed series attack drones and propellants for ballistic missiles. Since February 2025, OFAC has imposed sanctions on more than 1,000 people, ships and aircraft linked to Iran as part of Operation Economic Fury.
Related: Binance.US is cutting spot trading fees to almost zero in a bid to undercut the competition
Iran weighs crypto fees for passage through Hormuz
Earlier this month, reports emerged that Iran was considering charging ships Bitcoin tolls to pass through the Strait of Hormuz, with empty tankers allowed to pass freely and loaded ones charging a fee of around $1 per barrel of oil. Forbes reported that Iran has already earned income from such fees, although Tehran has not publicly confirmed these claims.
Additionally, maritime risk firm Maririsks warned that a fraudulent entity was impersonating Iranian security services and contacting shipowners stranded at sea, demanding payment in Bitcoin or USDT in exchange for passage through the strait.
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