U.S. Treasury Secretary Scott Bessent said on Wednesday that as part of a comprehensive economic pressure campaign against Tehran, the US had confiscated approximately $500 million worth of cryptocurrency assets from Iran.
During an appearance on Fox Business’s “Kudlow,” Bessent explained the extent of Operation Economic Fury, a campaign launched in March 2025 by President Trump to isolate Iran’s financial system by seizing assets, freezing bank accounts, and imposing secondary sanctions on nations that maintain oil purchases from Iran.
Ongoing Crackdown
The previously revealed $344 million in confiscated cryptocurrency is dwarfed by the $500 million number. At the request of US officials, stablecoin issuer Tether confirmed freezing over $344 million in USDT, and last week Bessent disclosed that many Iranian crypto wallets had been sanctioned by the Treasury’s Office of Foreign Assets Control.
Operation Economic Fury, according to Bessent, has been detrimental to Iran’s economy. The failure of a major bank in the nation in December caused a 60–70% decline in the value of its currency relative to the US dollar. He said that they were experiencing a monetary crisis.
Treasury has stepped up sanctions on many fronts, adding to the pressure. Linked to Iran’s shadow financial network, 35 businesses and persons were sanctioned on Tuesday by OFAC. It hit a Chinese oil refinery and around 40 shipping companies separately; they are members of Iran’s shadow fleet, which smuggles Iranian petroleum to countries like China and others despite sanctions.
Fourteen people and organizations were penalized for acquiring materials for Iranian ballistic missile propellants and Shahed-series attack drones as a result of the sanctions. Over a thousand individuals, ships, and planes linked to Iran have been sanctioned by OFAC since February 2025 under Operation Economic Fury.
Highlighted Crypto News Today:
Robinhood Stock Slides After Crypto Trading Slump Hits Q1 Earnings
