Speaking at the Reagan National Economic Forum, Treasury Secretary Scott Bessent revealed that the U.S. has seized roughly $1 billion in Iran-linked cryptocurrency as part of a broader campaign to choke off Tehran’s financial networks.
The disclosures come amid one of the most intense military confrontations the Middle East has seen in decades.
On February 27, 2026, the U.S. and Israel launched Operation Epic Fury — a coordinated airstrike campaign targeting Iran’s nuclear facilities, military infrastructure, and Revolutionary Guard command centers.
Iran retaliated with ballistic missile strikes across the region, hitting Saudi Arabia, Bahrain, Qatar, the UAE, and Iraq. A fragile ceasefire was brokered in early April and is still in the works, but the economic war never stopped.
Enter Operation Economic Fury. Ordered by President Trump and executed by the Treasury Department, the campaign is designed to systematically dismantle every financial lifeline Tehran has left.
Since its launch, OFAC has sanctioned over 1,000 Iran-linked entities, frozen bank accounts held by Revolutionary Guard-affiliated businesses, and — according to Bessent — reached directly into crypto wallets.
The largest single action came in late April, when Tether confirmed it froze $344 million in USDT across two Tron blockchain addresses linked to the IRGC, after blockchain analytics firm Chainalysis identified on-chain patterns consistent with known Iranian military wallets. One wallet held roughly $213 million; the other, $131 million.
The total seizure figure has since climbed past $500 million — and Bessent’s most recent comments suggest the running total is approaching $1 billion.
“We will track the funds that Tehran is urgently attempting to transfer abroad and target all financial avenues linked to the regime,” Bessent said.
Bitcoin as a means of payment in Iran
Back in April, Iran reportedly planned to require ships passing through the Strait of Hormuz to pay transit tolls in Bitcoin during a temporary ceasefire with the U.S.
The policy aimed to bypass sanctions and traditional banking rails, giving Iran a way to collect revenue while maintaining control over a critical global oil chokepoint.
The move pushed bitcoin into a geopolitical spotlight, raising operational and legal risks for shipping firms while highlighting how digital assets could be used in sovereign-controlled trade routes.