The U.S. Treasury has said it has seized nearly $1 billion in cryptocurrency linked to Iran as Washington expands its financial campaign against Tehran.
Summary
- The U.S. Treasury says seizures of Iran-linked cryptocurrency are nearing $1 billion as Washington targets Tehran’s financial networks.
- Tether froze $344 million in USDT across two Tron wallets linked to Iran’s IRGC after OFAC sanctions and U.S. law enforcement action.
- Iran’s reported use of crypto for weapons sales and proposed Bitcoin tolls in the Strait of Hormuz has raised new sanctions and compliance risks.
The U.S. Treasury has said it has seized nearly $1 billion in cryptocurrency linked to Iran as Washington expands its financial campaign against Tehran.
Treasury Secretary Scott Bessent made the disclosure at the Reagan National Economic Forum, where he said U.S. authorities were tracking funds tied to Iran’s overseas networks. Bessent said the campaign targets financial channels that Tehran is trying to use outside the traditional banking system.
Treasury expands pressure on Iran’s crypto networks
According to Bessent, the latest crypto seizures are part of a broader Treasury effort to cut off revenue streams linked to Iran’s government and the Islamic Revolutionary Guard Corps. The campaign has included sanctions, frozen bank accounts, and actions against blockchain wallets linked to Iranian networks.
The Treasury Department has described the effort as part of a financial pressure campaign ordered by President Donald Trump. Under the operation, the Office of Foreign Assets Control has sanctioned more than 1,000 Iran-linked entities, according to the provided report.
Bessent said U.S. officials would continue to follow money that Tehran was trying to move abroad. He also said the Treasury would target financial routes tied to the Iranian regime.
Tether freeze was largest known crypto action
In April, OFAC sanctioned multiple crypto wallet addresses linked to Iran’s Islamic Revolutionary Guard Corps. Tether then froze $344 million in USDT across two Tron blockchain addresses in coordination with U.S. law enforcement, according to the Treasury statement cited in the report.
Blockchain analytics firm Chainalysis had linked the addresses to on-chain patterns associated with known Iranian military wallets, according to the report. One wallet reportedly held about $213 million, while the second held about $131 million.
At the time, U.S. officials said the frozen funds were part of a larger effort to block Iranian state-linked actors from moving value through digital assets. The total seizure figure later passed $500 million, while Bessent’s latest comments put the amount near $1 billion.
Crypto payments enter Iran’s military trade
The crypto seizures follow earlier reports that Iran had started accepting digital assets for overseas weapons sales. As previously covered by crypto.news, Iran’s Ministry of Defense Export Center, known as Mindex, introduced payment terms in January that allowed military contracts to be settled in digital currencies.
The same report said Mindex also permitted barter arrangements and payments in Iranian rials. Those terms gave Iran more payment options at a time when sanctions had limited access to conventional financial systems.
Strait of Hormuz toll plan added a new risk
In April, Iran reportedly considered requiring ships passing through the Strait of Hormuz to pay transit tolls in Bitcoin during a temporary ceasefire with the United States. The policy was described as an attempt to collect revenue outside banking channels while Iran maintained influence over a key oil route.
The report said the proposal placed Bitcoin inside a geopolitical dispute involving shipping, sanctions, and military pressure. For shipping firms, the plan raised legal and operational questions because payments could have exposed companies to sanctions risk.
The Treasury’s latest figures show that U.S. officials now view crypto wallets as part of Iran’s financial infrastructure. Bessent said Washington would continue targeting the financial lifelines tied to Tehran.
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