The United States government has significantly increased its economic pressure on Iran, announcing the seizure of approximately $500 million in Iranian cryptocurrency assets. This surpasses a previously reported $344 million freeze and represents a substantial increase in efforts to disrupt Tehran’s financial networks.

Operation Economic Fury

Treasury Secretary Scott Bessent revealed the expanded asset seizure as part of Operation Economic Fury, a comprehensive initiative launched in March 2025 under President Donald Trump. The operation aims to cut off Iran’s access to financial resources through asset confiscations, bank account freezes, and secondary sanctions.

Bessent emphasized the operation’s broad scope, stating it extends beyond traditional banking to target the personal wealth of Iranian officials, including retirement funds and overseas real estate.

Cryptocurrency Seizures and Cooperation

Initial sanctions targeted several cryptocurrency wallets linked to Iran. Stablecoin issuer Tether confirmed its cooperation with US authorities, freezing over $344 million in USDt (USDT) at their request. The difference between the initially disclosed $344 million and the current $500 million remains unexplained, with requests for clarification unanswered.

Impact on Iran’s Economy

According to Bessent, Operation Economic Fury is already impacting Iran. A major Iranian bank collapsed in December, and the nation’s currency has plummeted, losing 60 to 70 percent of its value against the US dollar, indicating a severe currency crisis.

Targeting Sanctions Evasion

The US is also targeting those facilitating Iran’s circumvention of sanctions, including a Chinese oil refinery and approximately 40 shipping firms comprising Iran’s ‘shadow fleet’ used to transport crude oil to China and other countries.

Sanctions have also been imposed on entities procuring components for Shahed-series attack drones and ballistic missile propellants, demonstrating a commitment to disrupting Iran’s military capabilities.

Threats to Maritime Traffic

The US government is actively monitoring the Strait of Hormuz, a critical waterway for global oil transport. Intelligence suggests Iran is considering imposing Bitcoin tolls on ships passing through the strait, charging approximately $1 per barrel of oil for loaded vessels.

Reports also indicate fraudulent activity, with individuals impersonating Iranian security services and demanding payment in Bitcoin or USDt for clearance through the strait.

Escalating Sanctions

Since February 2025, the Office of Foreign Assets Control (OFAC) has sanctioned over 1,000 individuals, vessels, and aircraft connected to Iran as part of Operation Economic Fury. The US strategy is a sustained effort to cripple Iran’s economy and limit its ability to fund domestic programs and regional activities. The continued targeting of cryptocurrency assets signals a growing recognition of their role in illicit financial flows.