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The United States has seized nearly $500 million in Iranian cryptocurrency assets, Treasury Secretary Scott Bessent said Wednesday, as Washington expands Operation Economic Fury against Tehran. Bessent said the campaign targets crypto wallets, bank accounts, oil revenue, and overseas assets tied to Iranian officials.
Bessent made the remarks on Fox Business’s “Kudlow,” where he described a campaign ordered by President Donald Trump in March 2025. The operation aims to restrict Iran’s access to money through asset seizures, bank account freezes, and secondary sanctions.
“We are freezing bank accounts everywhere,” Bessent said. He added that the campaign also targets retirement funds and overseas real estate held by Iranian officials.
He said the goal focuses on making global actors less willing to deal with the regime.
The nearly $500 million figure exceeds the $344 million in crypto assets previously disclosed. Last week, Bessent said OFAC had sanctioned several crypto wallets linked to Iran.
Stablecoin issuer Tether confirmed that it froze more than $344 million in USDT at the request of U.S. authorities. That action formed part of the Treasury’s wider push against Iran-linked crypto channels.
Bessent said the pressure campaign has hit Iran’s economy and currency. “That created massive inflation,” he said, adding that Iran’s currency had fallen 60% to 70% against the U.S. dollar. He also said the Treasury recently received instructions to intensify pressure on Iran. As a result, the agency warned buyers of Iranian oil about secondary sanctions.
“President Trump told me three weeks ago to up the pressure again,” Bessent said. He said Treasury told buyers their industries and banks could face penalties for tolerating Iranian oil. The pressure also extends to Iran’s oil exports. Bessent said a U.S. naval blockade on Iranian ports in the Strait of Hormuz would damage Tehran’s economy.
“The port at Kharg Island is at a virtual standstill in terms of loadings,” he said. He added that Iranian storage could soon fill, forcing producers to cap wells.
Treasury has also increased sanctions across several fronts. On Tuesday, OFAC sanctioned 35 entities and individuals linked to Iran’s shadow banking network. In a separate action, OFAC targeted a Chinese oil refinery and about 40 shipping firms tied to Iran’s shadow fleet. The network moves Iranian crude to buyers in China and elsewhere despite sanctions.
The actions also reached Iran’s missile and drone supply chain. OFAC sanctioned 14 individuals and entities accused of procuring parts for Shahed-series attack drones and ballistic missile propellants. Since February 2025, OFAC has sanctioned more than 1,000 Iran-related persons, vessels, and aircraft under Operation Economic Fury.
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Earlier this month, reports said Iran considered charging ships Bitcoin tolls for passage through the Strait of Hormuz. Under that reported plan, empty tankers would pass freely.
Loaded ships would pay about $1 per barrel of oil, according to the reports. Forbes reported that Iran had already collected revenue from such tolls. Tehran has not publicly confirmed those claims. Separately, maritime risk firm Marisk warned that fraudulent actors had impersonated Iranian security services and contacted stranded shipowners.
Marisks said the actors demanded Bitcoin or USDt payments in exchange for clearance through the strait. The warning added another crypto-related risk around the shipping corridor.
The U.S. seizure of nearly $500 million in Iran-linked crypto expands Operation Economic Fury beyond banks, oil networks, and shipping firms. Treasury’s actions against wallets, shadow banking channels, and oil buyers show Washington’s wider effort to cut Tehran’s access to global finance.
