TL;DR:
U.S. Treasury Secretary Scott Bessent revealed that Washington seized nearly $500 million in cryptocurrencies linked to Iran, a figure that far exceeds the $344 million that had been publicly reported the previous week.
Bessent made these statements during his appearance on Fox Business’s “Kudlow” program, where he detailed the scope of Operation Economic Fury, a campaign ordered by President Donald Trump in March 2025 with the goal of cutting off the Iranian regime’s sources of funding.
The operation combines asset seizures, bank account freezes and secondary sanctions against countries that continue buying Iranian oil. “We are freezing bank accounts everywhere. More importantly, we are making people less likely to do deals with the regime,” Bessent stated. He also indicated that retirement funds and overseas properties belonging to Iranian officials are among the targets.
The discrepancy between the $500 million and the previously disclosed $344 million has no official explanation yet. Last week, the Treasury’s Office of Foreign Assets Control —known as OFAC— sanctioned several crypto wallets associated with Iran, and stablecoin issuer Tether confirmed that it froze more than $344 million in USDT at the request of U.S. authorities.
Bessent also described the cumulative impact of economic pressure on Iran: one of the country’s largest banks collapsed last December, and the local currency has fallen between 60% and 70% against the U.S. dollar. “They are in the middle of a currency crisis,” the official stated.
On Tuesday, OFAC sanctioned 35 entities and individuals linked to the country’s shadow banking network, and also targeted a Chinese refinery and around 40 shipping companies operating as part of the ghost fleet that moves Iranian crude to China and other markets in violation of existing sanctions. The measures also reached the missile and drone supply chain, with 14 individuals and entities sanctioned for acquiring components for Shahed-series attack drones and ballistic missile propellants.
According to recent reports, Iran would be considering collecting Bitcoin tolls from vessels transiting the Strait of Hormuz. Empty tankers would be exempt from payment while loaded ones would be charged around $1 per barrel of oil. Forbes reported that Iran may have already collected revenue under this scheme, though Tehran has not officially confirmed it.
