US Treasury Freezes $500M in Iran-Linked Crypto Assets Under Operation Economic Fury
The Trump administration has intensified its crackdown on Iran's use of cryptocurrency to bypass sanctions, freezing nearly $500 million in regime-linked digital assets under Operation Economic Fury. Treasury Secretary Scott Bessent disclosed the figure last week, including a $344 million seizure of USDT on the Tron network coordinated with Tether. The campaign targets Iran's military, the Islamic Revolutionary Guard Corps (IRGC), and its shadow banking network used to move oil revenue and fund terrorist activities. Iran is now estimated to hold approximately $7.7 billion in digital assets, making it one of the largest sovereign crypto holders. Tehran has turned to Bitcoin as a workaround, recently launching a state-backed maritime insurance platform called Hormuz Safe that settles policies in BTC for ships transiting the Strait of Hormuz. Despite this, US officials argue that crypto's traceability aids enforcement, as on-chain transactions leave permanent records. Industry insiders suggest Washington may threaten to cut off crypto exchanges from US banking if they continue processing Iran-linked flows. The Treasury's next moves could target exchange operators, and Iran's adaptation of Bitcoin-based workarounds will be closely watched.
Key facts
- US Treasury froze nearly $500 million in Iran-linked crypto under Operation Economic Fury.
- $344 million USDT seizure on Tron network coordinated with Tether.
- Iran holds an estimated $7.7 billion in digital assets, among top sovereign holders.
- Iran launched Hormuz Safe, a BTC-based maritime insurance platform for Strait of Hormuz.
- US officials cite crypto traceability as aiding enforcement, may cut exchanges from US banking.