US Treasury Freezes Nearly $500M in Iran-Linked Crypto

The U.S. Treasury froze nearly $500 million in digital assets linked to Iran under Operation Economic Fury, Treasury Secretary Scott Bessent disclosed last week. The largest single action was a $344 million USDT seizure on the Tron network that occurred in the month before the disclosure and was coordinated with Tether.

Treasury officials say the enforcement targets Iran’s military apparatus, the Islamic Revolutionary Guard Corps, regional proxies and shadow banking networks that move oil revenue. Officials described the campaign as an effort to pressure financial channels tied to Iran’s wartime economy and to disrupt revenue flows used by the IRGC and affiliated groups.

The $344 million freeze on Tron followed earlier sanctions and restrictions aimed at exchanges and entities tied to Iran’s crypto operations. Treasury officials say the operation also pursues networks that convert oil income into digital assets and route funds through third-party platforms.

Threat-detection and blockchain analysis place Iran’s overall digital asset holdings near $7.7 billion. That figure ranks Iran among the largest sovereign crypto holders tracked by blockchain analytics firms and has drawn increased scrutiny from U.S. authorities.

Iran has increased the use of Bitcoin to move value outside traditional banking systems. Tehran launched a state-backed maritime insurance service called Hormuz Safe that settles cargo insurance policies in Bitcoin for vessels transiting the Strait of Hormuz.

U.S. law enforcement and blockchain forensics teams say on-chain transactions leave permanent records that help map connections among wallets, exchanges and state actors. Chris Perkins, chief executive of 250 Digital Asset Management, noted: ‘We found over and over again that they’re actually a much better asset for U.S. law enforcement and other agencies to track because you leave a lot of breadcrumbs.’

Regulators have signaled additional pressure on intermediaries that continue to process Iran-linked flows. Federal authorities are weighing measures that could include restricting access to U.S. banking services for crypto exchanges still handling sanctioned transactions. Officials and market observers say the coming weeks will indicate whether the Treasury expands enforcement to target exchange operators directly.

Operation Economic Fury began under the previous administration as a campaign to limit Iran’s use of cryptocurrencies. Current Treasury actions reflect a continuation and intensification of that approach, with officials framing the work as part of broader efforts to limit Iran’s external financing channels and hold state and proxy actors accountable.