U.S. Seizes About $1 Billion in Iranian Crypto

Treasury Secretary Scott Bessent announced at the Reagan National Economic Forum that the United States has frozen or seized about $1 billion in Iranian cryptocurrency holdings to date under Operation Economic Fury. The figure is a running total of enforcement actions since the campaign began, not a single new seizure.

Operation Economic Fury was launched in March 2025 to disrupt networks Tehran uses to move funds through digital channels. The total reported Monday builds on earlier actions, including an April 2026 freeze of roughly $344 million in USDT on the Tron blockchain. Bessent had reported nearly $500 million frozen in late April and said further wallet designations and immobilizations have been added since then.

The Treasury reported that Iran relied heavily on stablecoins, especially USDT on Tron, to transfer proceeds from oil sales and to finance elements of the Islamic Revolutionary Guard Corps. Bessent estimated Iran had moved about $400 million to $500 million a month through crypto channels before U.S. pressure increased.

The government identifies suspect wallets with blockchain analytics and works with issuers and service providers to freeze or seize assets. Officials expect additional wallet designations under the Office of Foreign Assets Control and plan to pursue potential forfeiture claims in the coming months.

“Just outright grabbed the wallets. Some of them may be typing in right now and might not realize their wallet had been grabbed,” Bessent told the forum, describing the pace and method of enforcement.

Some frozen assets are held by entities that describe the funds as being on behalf of the Iranian people. Other holdings face claims from victims of terrorism. Treasury officials point to public blockchain records and cooperation with private firms as tools that make it possible to trace and immobilize crypto funds tied to sanctioned actors.

Iran is also facing wider economic pressures, including a weakening rial, stress in the banking sector and lower oil revenues. The Treasury campaign seeks to limit Iran’s use of stablecoins and other digital assets as alternative payment rails to evade sanctions.

Officials said enforcement will continue while investigations proceed and while the government works to move seized assets through legal processes.