US seizes nearly $500M in Iran linked crypto as Bessent says sanctions push regime into crisis

The US has seized nearly $500 million in Iranian crypto assets as part of a broader economic pressure campaign aimed at cutting off Tehran’s financial lifelines, Treasury Secretary Scott Bessent said Wednesday.

Speaking on Fox Business, Bessent said Operation Economic Fury has pushed Iran into crisis by freezing bank accounts, targeting overseas assets, and pressuring foreign governments and companies to avoid dealing with the regime. The campaign is designed to seize Iranian assets, restrict oil revenue, and weaken Tehran’s ability to fund its military and proxy networks.

The latest figure expands the administration’s crypto sanctions push after the Treasury Department sanctioned multiple wallets tied to Iran last week, freezing $344 million in crypto. Bessent said at the time that the action targeted Iran linked wallets as Washington moved to disrupt digital asset channels used by Tehran.

The $344 million freeze centered on USDT and was carried out with Tether’s cooperation, according to Chainalysis. A US official told CNN that the funds were linked to Iran through transactions involving Iranian exchanges and intermediary addresses connected to Central Bank of Iran associated wallets.

Bessent said the pressure campaign has moved beyond crypto and banking, with Treasury warning buyers of Iranian oil that the US is prepared to use secondary sanctions against companies, banks, and industries that support Iranian oil flows.