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5d ago

U.S. Says Iran-Linked Crypto Seizures Near $500 Million

The disclosure signals a widening Treasury campaign that pairs on-chain freezes with penalties on banks, oil buyers, and overseas assets.

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Secretary Scott Bessent testifying during a Senate hearing on the Treasury Department's budget.
US Treasury Secretary Scott Bessent testifies during a Senate Committee on Appropriations, Subcommittee on Financial Services and General Government hearing in the Dirksen Senate Office Building on April 22, 2026 in Washington, DC.
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Overview

  • Treasury Secretary Scott Bessent said on Wednesday that U.S. enforcement tied to Iran now totals nearly $500 million in digital assets, updating an earlier figure tied to a stablecoin freeze.
  • Stablecoin issuer Tether froze more than $344 million in USDT at OFAC’s request, with Chainalysis linking the flagged Tron wallets to patterns seen in IRGC activity and Central Bank of Iran intermediary addresses.
  • Bessent described the tally as roughly $350 million in seized crypto plus about $100 million obtained through separate actions under Operation Economic Fury.
  • The campaign, ordered by President Donald Trump in March 2025, has widened beyond crypto to sanctions on shadow banking nodes, a Chinese oil refinery, and dozens of shipping firms that move Iranian crude.
  • Bessent said the pressure has strained Iran’s economy, citing a 60%–70% slide in the rial and a major bank failure in December, and he warned that buyers of Iranian oil now face secondary sanctions that could cut off access to U.S. finance.