The Iranian currency lost between 60% and 70% of its value against the US dollar. One of the country’s largest banks collapsed last December. Now, the United States has seized nearly half a billion dollars in cryptocurrencies linked to the Iranian government.
The coin is in free fall
Treasury Secretary Scott Besent confirmed on Wednesday that US authorities had taken control of a nearby area $500 million in Iranian crypto assets – a much higher number than the $344 million that was announced publicly just days ago.
Besant revealed the updated figure during an appearance on Fox Business Channel’s “Kudlow” show, where he explained the scale of the campaign targeting Tehran’s finances on multiple fronts.
“We are freezing bank accounts everywhere,” Besant said. “More importantly, we make people less willing to deal with the regime.” He added that pension funds and real estate abroad owned by officials in Tehran are also targeted.
The gap between the two numbers – $344 million and $500 million – was not explained. No response had been received from the US Treasury or Tether regarding the discrepancy at the time of publication.
In light of the economic anger, @USTreasury It will continue to systematically reduce Tehran’s ability to generate, move, and repatriate money.
The Treasury Department’s Office of Foreign Assets Control imposed sanctions on multiple Iran-linked portfolios, freezing $344 million of…
– Treasury Secretary Scott Bessent (@SecScottBessent) April 24, 2026
Operation Economic Rage
Seizures It is part of Operation Economic Rage, a campaign ordered by US President Donald Trump in March 2025. The operation aims to cut off the country’s access to the global financial system by seizing assets, freezing bank accounts, and imposing secondary sanctions on countries that continue to purchase Iranian oil.
On Tuesday alone, the Treasury Department’s Office of Foreign Assets Control imposed sanctions on 35 entities and individuals linked to Iran’s shadow banking network.
Separately, a Chinese oil refinery and about 40 shipping companies were targeted for transporting Iranian crude oil to buyers in China and elsewhere in violation of sanctions.
Photo credit: Bloomberg
An additional 14 individuals and entities were sanctioned for supplying components used in Shahed series attack drones and ballistic missile fuel.
Since February 2025, the Office of Foreign Assets Control (OFAC). punished More than 1,000 people, ships and aircraft are linked to Iran as part of the operation.
The $344 million portion of the seizure included frozen Tether stablecoins. Tether confirmed that it had locked the funds – held in USDT – following a request from US authorities. The wallets were linked to Iran through Penalties Designations made by OFAC.
BTCUSD trading at $77,367 on the 24-hour chart: TradingView
The Strait of Hormuz enters the picture
As the United States moves to Cut off Iran’s holdings of cryptocurrenciesTehran has been exploring ways to use digital currency to generate its own income.
Reports emerged earlier this month that Iran is considering a plan to charge ships Bitcoin for passage through the Strait of Hormuz. Loaded ships will be charged a fee of about $1 per barrel of oil. Empty tankers will pass freely.
According to reports, Iran has already collected revenue from these fees, although the Iranian government has not publicly confirmed this.
Adding to the confusion, maritime risk company Maresix has warned that scammers are posing as Iranian security services and demanding… Bitcoin or USDT Payments from owners of ships stuck near the strait.
Featured image from Trends Research & Advisory, chart from TradingView
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