The US Treasury said it has seized nearly $1 billion in cryptocurrencies linked to Iran, as Washington expands its financial campaign against Tehran.
summary
- The US Treasury says seizures of Iran-linked cryptocurrency are approaching $1 billion as Washington targets Tehran’s financial networks.
- Tether has frozen $344 million in USDT across two Tron wallets linked to the Iranian Revolutionary Guard following OFAC sanctions and US law enforcement actions.
- Iran’s use of cryptocurrencies in arms sales and proposed Bitcoin tariffs in the Strait of Hormuz have raised new sanctions and compliance risks.
The US Treasury said it has seized nearly $1 billion in cryptocurrencies linked to Iran, as Washington expands its financial campaign against Tehran.
Treasurer Scott Besent The revelation came during the Reagan National Economic Forum, where he said that US authorities were tracking funds linked to Iran’s foreign networks. Besant said the campaign targets financial channels that Tehran is trying to use outside the traditional banking system.
Treasury Department Expands Pressure on Iranian Cryptocurrency Networks
According to Besant, the recent cryptocurrency seizures are part of a broader Treasury Department effort to cut off revenue streams linked to the Iranian government and the Islamic Revolutionary Guard Corps. The campaign included sanctions, frozen bank accounts, and measures against blockchain wallets linked to Iranian networks.
The Treasury Department described the efforts as part of a financial pressure campaign ordered by President Donald Trump. As part of this process, OFAC imposed sanctions on more than 1,000 entities linked to Iran, according to the submitted report.
Picent said that American officials will continue to monitor the funds that Tehran is trying to transfer abroad. He also said the Treasury Department would target financial routes linked to the Iranian regime.
Freezing Tether was the largest known cryptocurrency action
In April, OFAC imposed sanctions on multiple cryptocurrency wallet addresses linked to Iran’s Islamic Revolutionary Guard Corps. Tether then froze $344 million in USDT across two Tron blockchain addresses in coordination with US law enforcement, according to a Treasury statement cited in the report.
According to the report, blockchain analytics firm Chainalysis linked addresses to on-chain patterns associated with known Iranian military wallets. One wallet reportedly contains about $213 million, while the second contains about $131 million.
At the time, US officials said the frozen funds were part of a larger effort to prevent Iranian state-linked actors from transferring value through digital assets. The total seizure figure later exceeded $500 million, while Besant’s recent comments put the amount at around $1 billion.
Cryptocurrency payments enter Iranian military trade
The seizure of cryptocurrencies follows previous reports that Iran has begun accepting digital assets for arms sales abroad. like previously covered By crypto.news The Iranian Ministry of Defence’s export center, known as Mindex, introduced payment terms in January that allowed military contracts to be settled in digital currencies.
The same report said Mendex also allowed barter arrangements and payments in Iranian rials. These terms gave Iran more payment options at a time when sanctions limited access to traditional financial systems.
The Strait of Hormuz toll plan has added a new risk
In April, Iran It is said It considered requiring ships passing through the Strait of Hormuz to pay transit fees in Bitcoin during a temporary ceasefire with the United States. The policy was described as an attempt to raise revenues outside banking channels while Iran maintained its influence on a key oil route.
The report said the proposal placed Bitcoin within a geopolitical dispute involving shipping, sanctions and military pressure. For shippers, the plan raised legal and operational questions because the payments could have exposed companies to sanctions risks.
The latest Treasury Department figures show that US officials now view cryptocurrency wallets as part of Iran’s financial infrastructure. Besant said that Washington will continue to target the financial lifelines linked to Tehran.
