The United States has confiscated or frozen approximately $1 billion in cryptocurrency tied to Iran, marking a major escalation in Washington’s effort to disrupt Tehran’s access to international financial channels, Treasury Secretary Scott Bessent announced Thursday.

Speaking at the Reagan National Economic Forum, Bessent revealed that the amount of Iranian digital assets seized by U.S. authorities has doubled since April, when officials reported nearly $500 million in frozen cryptocurrency holdings, according to BeInCrypto.com.

“Just outright grabbed the wallets,” Bessent said. “Some of them may be typing in right now and might not realize their wallet had been grabbed.”

The latest seizures are part of “Operation Economic Fury,” a campaign launched by the Treasury Department in March 2025 to dismantle networks used by Iran to evade international sanctions.

According to U.S. officials, Tehran has increasingly turned to digital currencies to move funds connected to oil exports and activities associated with the Islamic Revolutionary Guard Corps (IRGC). Much of that activity reportedly involved the stablecoin Tether (USDT) on the Tron blockchain.

Bessent said Iranian entities had been transferring between $400 million and $500 million each month through cryptocurrency networks before federal authorities intensified their enforcement efforts.

To carry out the operation, the Treasury Department has coordinated with major cryptocurrency companies, including Tether, as well as blockchain-tracking firms that help identify wallets linked to sanctioned organizations.

One of the most significant actions took place in April, when U.S. authorities froze roughly $344 million worth of USDT connected to Iranian financial networks.

Officials say the effort highlights the growing role of cryptocurrency in modern economic conflict. While digital assets were once viewed as a tool that could help sanctioned nations circumvent traditional banking systems, U.S. authorities argue that blockchain technology creates a permanent record that investigators can follow.

The crackdown comes as Iran grapples with mounting economic challenges, including a weakening currency, pressure on its banking sector, and declining revenue from oil exports.

Bessent said some of the confiscated funds are being safeguarded for the benefit of the Iranian people, while other assets could eventually be used to compensate victims of terrorism.

Treasury officials indicated that additional enforcement actions are likely in the coming months as the administration continues expanding its campaign against Iran’s financial infrastructure.

{Matzav.com}