The United States has seized nearly $1 billion in Iranian cryptocurrency assets, marking one of the largest digital asset crackdowns linked to sanctions enforcement, according to US Treasury Secretary Scott Bessent.
Speaking during an appearance on Fox Business’ Kudlow at the Reagan National Economic Forum, Bessent said Washington had “outright grabbed the wallets” as part of a broader economic campaign aimed at weakening Tehran’s financial capabilities.
“We have seized about a billion dollars of their crypto,” Bessent said. “Just outright grabbed the wallets. Some of them may be typing in right now and might not realise their wallet had been grabbed.”
The move comes as the US ramps up economic pressure on Iran through what the Trump administration has described as “Operation Economic Fury,” a sanctions-driven strategy targeting Tehran’s financial lifelines amid heightened geopolitical tensions.
US Targets Iran’s Crypto Network
According to Bessent, the crypto seizures are part of Washington’s effort to restrict Iran’s access to alternative financing channels that have increasingly been used to bypass decades of international sanctions.
“I think between five and a half to six weeks of an incredibly successful military campaign and then Operation Economic Fury, where we have really cut them off… they are at the end of their tether now financially,” Bessent said during the interview.
The reported $1 billion figure does not reflect a single operation but rather a cumulative total of enforcement actions. This includes a $344 million freeze of Tether (USDT) assets on the Tron blockchain in April 2026, followed by additional seizures that reportedly pushed the total amount closer to the $1 billion mark.
The crackdown highlights Washington’s growing focus on cryptocurrency networks allegedly linked to Iranian state institutions and sanctions evasion efforts.
Why Iran Turned to Cryptocurrency
Iran has increasingly relied on cryptocurrencies as a financial workaround to Western sanctions that have largely cut the country off from the global banking system.
With inflation soaring and the Iranian rial suffering sharp depreciation over recent years, digital assets have become popular among ordinary Iranians seeking to preserve savings and move money outside traditional banking channels.
At the same time, US officials and blockchain intelligence firms claim that Iranian state-linked entities, including the Islamic Revolutionary Guard Corps (IRGC), have expanded their role in crypto mining and digital asset transactions.
Analysts say crypto allows sanctioned entities to conduct cross-border trade, purchase goods, and potentially facilitate oil-related payments outside conventional financial systems.
Crypto Cat-and-Mouse Between Washington and Tehran
The latest seizures underscore an escalating digital financial battle between the US and Iran.
In recent years, American regulators have intensified scrutiny of crypto exchanges, wallets, and blockchain transactions suspected of facilitating sanctions evasion. Earlier this year, the **US Treasury’s Office of Foreign Assets Control (OFAC)** sanctioned multiple crypto-related firms allegedly connected to Iranian financial operations.
Meanwhile, Tehran has reportedly expanded its use of stablecoins such as **USDT (Tether)** and domestic exchanges to maintain access to international trade and financial liquidity.
Security experts describe the standoff as a “crypto cat-and-mouse game,” with Iran turning to decentralized finance and blockchain technology while US authorities deploy blockchain analytics and sanctions enforcement to track and freeze digital assets.
Rising Geopolitical Stakes
The announcement comes amid heightened tensions between Washington and Tehran following military confrontations and renewed diplomatic uncertainty over regional security.
As sanctions pressure deepens, experts expect cryptocurrency to remain a key battleground in the economic confrontation between the two countries.
The US Treasury has signaled further action may follow, suggesting more sanctions and crypto seizures could target Iranian-linked wallets and exchanges in the months ahead.