U.S. Freezes $344 Million in Cryptocurrency Linked to Iran in Coordinated Crackdown

The United States has frozen $344 million in cryptocurrency linked to Iran, marking a significant escalation in financial pressure on Tehran amid stalled diplomatic efforts to end the ongoing conflict.

Treasury Secretary Scott Bessent announced the action on Friday, stating that the Office of Foreign Assets Control is sanctioning multiple digital wallets tied to the Iranian regime. The frozen assets, primarily in the form of USDT stablecoins, were identified through collaboration with blockchain analytics experts, and U.S. Authorities who observed evidence of material links to Iranian exchanges and transactions routed through intermediary addresses connected to Central Bank of Iran-associated wallets.

Tether, the issuer of the USDT stablecoin, confirmed its cooperation with the U.S. Government in freezing the funds across two addresses after receiving information about activity tied to unlawful conduct. The company stated it had “supported the US government in freezing” the cryptocurrency as part of efforts to combat illicit financial flows.

The move is part of a broader campaign described by Bessent as “Economic Fury,” aimed at systematically degrading Iran’s ability to generate, move, and repatriate funds. U.S. Officials emphasized that the action targets financial lifelines the regime is attempting to use to move assets outside the country, particularly through networks involving shadow fleets and intermediaries tied to oil exports.

On the same day, the Treasury Department imposed additional sanctions on a China-based refinery and approximately 40 shipping firms and vessels allegedly tied to Iran’s oil exports. These measures target Hengli Petrochemical, identified as one of the largest buyers of Iranian crude, and a network of tankers transporting petroleum products valued at billions of dollars, which officials described as a “critical link” sustaining Iran’s economy.

Cryptocurrency holdings in Iran reached $7.8 billion in 2025, according to data from the crypto-tracing firm Chainalysis, reflecting a growth rate that surpassed levels seen in 2024 for much of the year. This context underscores the scale of digital asset activity within Iran that U.S. Authorities are seeking to disrupt through targeted sanctions.

Iran’s mission to the United Nations declined to comment on the sanctions when approached for response. The freezing of funds occurs during a period of fragile diplomatic efforts to reach a deal to end the war, which have continued to stall despite intermittent negotiations.

As the U.S. Intensifies its economic pressure campaign, officials indicate they will continue to monitor and act on financial flows tied to the Iranian regime, with the goal of restricting access to global financial systems and limiting the government’s ability to fund its operations.