Bessent Reports Iran’s Cryptocurrency Seizure Reaches $500 Million
On April 29, Treasury Secretary Scott Bessent announced that the United States has confiscated nearly $500 million in Iranian cryptocurrency assets under Operation Economic Fury. This includes a $344 million Tether freeze on two Tron addresses, amid a crisis where Iran’s currency has plummeted by 60 to 70% against the dollar.
Summary
- Bessent shared that Operation Economic Fury has captured around $350 million in crypto assets, along with an additional $100 million seized separately, bringing the total to nearly $500 million as part of a wider initiative aimed at Iranian bank accounts, retirement funds, and overseas properties.
- Tether frozen over $344 million in USDT across two Tron addresses on April 23 after receiving direction from OFAC, with Chainalysis confirming on-chain patterns aligning with wallets linked to the IRGC and intermediary addresses of the Central Bank of Iran.
- Bessent cautioned that the pressure campaign would incapacitate the Iranian regime’s ability to pay its soldiers or support proxy organizations like Hezbollah and Hamas, adding that secondary sanctions are now being enforced against purchasers of Iranian oil.
During an appearance on Fox Business’s Kudlow on April 29, Bessent reaffirmed the extent of Operation Economic Fury. CryptoTimes reported him stating: “We were able to seize about 350 million crypto assets, plus another 100 we’ve recently acquired, so we’re nearing half a billion, and we are freezing bank accounts everywhere.” Ordered by President Trump in March 2025, Operation Economic Fury has been systematically restricting Tehran’s financial access across crypto wallets, banking systems, foreign investments, and retirement accounts.
As highlighted by crypto.news, OFAC has imposed sanctions on over 1,000 individuals, vessels, and aircraft related to Iran under Operation Economic Fury since February 2025. The initiative has recently extended to secondary sanctions targeting Chinese oil refineries and shipping companies handling Iranian crude oil. The most significant crypto enforcement action within this campaign occurred on April 23, when Tether froze $344 million in USDT across two Tron addresses at the directive of OFAC. According to Chainalysis, one wallet contained approximately $213 million and the other $131 million, both identified as having IRGC wallet characteristics and associated with Central Bank of Iran intermediary addresses. The freeze stands as the largest crypto enforcement move linked to Iran since the onset of the current conflict in February 2026. Bessent noted that the combined economic strain from Operation Economic Fury and the naval blockade has caused a 60 to 70% crash in the Iranian rial against the dollar and led to the collapse of Iran’s largest bank in December. He warned that Tehran will soon struggle to finance its military and proxy networks.