Speaking at the Reagan National Economic Forum, Treasury Secretary Scott Bessent revealed that the United States has seized about $1 billion in Iran-linked cryptocurrency as part of a broader campaign to strangle Tehran’s financial networks.
The revelations come amid one of the most intense military confrontations the Middle East has seen in decades.
On February 27, 2026, the United States 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 attacks across the region, hitting Saudi Arabia, Bahrain, Qatar, the UAE and Iraq. A fragile ceasefire was brokered in early April and is still under way, 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 affiliates and — according to Bessent — reached directly into crypto wallets.
The biggest 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 purse held about $213 million; the other, $131 million.
The seizure total has since climbed over $500 million — and Bessent’s latest comments suggest the running total is approaching $1 billion.
“We will track the funds that Tehran is trying to transfer abroad as soon as possible and target all financial opportunities 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 fees in Bitcoin during a temporary ceasefire with the US
The policy was intended to bypass sanctions and traditional banking channels, giving Iran a way to collect revenue while maintaining control of a critical global oil choke point.
The move thrust bitcoin into a geopolitical spotlight, raising operational and legal risks for shipping companies while highlighting how digital assets could be used in state-controlled trade routes.