On April 29th, Treasury Secretary Scott Bessent announced that the U.S. has seized approximately $500 million in cryptocurrency assets from Iran as part of Operation Economic Fury. This included freezing $344 million in Tether across two addresses on the Tron network. Bessent also stated that Iran’s currency has significantly declined, losing 60 to 70% of its value against the dollar, and the country is currently facing a currency crisis.
Summary
- Bessent said Operation Economic Fury has seized roughly $350 million in crypto assets plus an additional $100 million seized separately, bringing the total close to $500 million as part of a broader campaign targeting Iranian bank accounts, retirement funds, and overseas real estate.
- Tether froze over $344 million in USDT across two Tron addresses on April 23 after receiving direction from OFAC, with Chainalysis confirming on-chain patterns consistent with IRGC-linked wallets and Central Bank of Iran intermediary addresses.
- Bessent warned that the pressure campaign would leave the Iranian regime unable to pay its soldiers or fund proxy networks including Hezbollah and Hamas, and said secondary sanctions are now being deployed against buyers of Iranian oil.
During an April 29th appearance on Fox Business with David Kudlow, Bessent revealed details about Operation Economic Fury. According to CryptoTimes, Bessent stated they had seized approximately $350 million in cryptocurrency, adding to $100 million previously obtained, bringing the total close to $500 million. They are also freezing bank accounts globally. This operation, initiated by President Trump in March 2025, aims to block Tehran’s access to financial resources, targeting cryptocurrency holdings, bank accounts, overseas property, and retirement funds.
Since February 2025, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) has imposed sanctions on over 1,000 individuals, ships, and planes connected to Iran as part of “Operation Economic Fury.” This effort recently broadened to include penalties for Chinese companies that process Iranian oil. A major development occurred on April 23rd when Tether, following OFAC’s instructions, froze $344 million in USDT cryptocurrency across two accounts. Blockchain analysis firm Chainalysis linked these accounts to patterns associated with Iran’s Islamic Revolutionary Guard Corps and the Central Bank of Iran. This freeze represents the largest single cryptocurrency-related enforcement action against Iran since the start of the current conflict in February 2026. According to Bessent, the combined pressure from these sanctions and a naval blockade has caused the Iranian currency, the rial, to lose 60-70% of its value against the dollar and led to the failure of Iran’s largest bank in December. He predicts that Iran will soon be unable to finance its military or support its allied groups.
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2026-05-01 01:56