U.S. Treasury: About $1 Billion in Iranian Crypto Seized

Treasury Secretary Scott Bessent announced at the Reagan National Economic Forum that the United States has seized about $1 billion in Iranian cryptocurrency holdings under Operation Economic Fury. He described the figure as a cumulative total of freezes and seizures accumulated since the campaign began, not a single new action announced that day.

Operation Economic Fury, launched in March 2025, targets wallets and intermediaries tied to efforts by Iran to move funds outside the formal banking system. Treasury officials say Iran has used stablecoins, particularly USDT on the Tron blockchain, to move payments related to crude sales and to finance activities by the Islamic Revolutionary Guard Corps. Bessent previously reported nearly $500 million frozen in late April and noted a separate April 2026 freeze of $344 million in USDT on Tron.

The Treasury has worked with stablecoin issuers and blockchain analytics firms to trace on-chain flows, designate wallets and immobilize assets. At the forum, Bessent said, “Just outright grabbed the wallets. Some of them may be typing in right now and might not realize their wallet had been grabbed.”

Officials expect further designations by the Office of Foreign Assets Control and potential forfeiture actions in coming months as authorities pursue assets tied to Iranian actors. Some frozen holdings are listed as held nominally on behalf of the Iranian people; other assets face claims from victims of terrorism seeking compensation.

Treasury officials say the transparency of blockchain records allows them to trace funds across addresses and service providers, enabling enforcement even when transactions move through mixers or across multiple chains.

U.S. officials also point to factors in Iran’s economy — rial devaluation, strains in the banking system and reduced oil revenue — as reasons Tehran has increasingly used informal channels. The Treasury describes the cumulative seizures as part of its effort to remove funds that could support sanctioned activities and to disrupt networks that facilitate sanctions evasion.