US freezes $500 million of Iranian-linked cryptocurrency assets

U.S. Treasury officials announced the freezing of nearly $500 million in cryptocurrency tied to Iranian financial networks, the largest digital‑asset seizure against a sanctioned nation. The action is part of “Operation Economic Fury,” launched in March 2025 to curb Iran’s use of crypto for sanctions evasion. Stablecoin issuer Tether cooperated, freezing more than $344 million in USDT after the Office of Foreign Assets Control sanctioned multiple Iran‑linked wallets.

Iran’s crypto exposure is estimated at about $7.7 billion, with blockchain intelligence firms reporting significant transaction volumes and domestic mining supported by subsidized electricity. Tehran is also developing blockchain applications such as a Bitcoin‑settled maritime insurance platform for vessels in the Strait of Hormuz, aiming to sustain cross‑border financial access despite sanctions pressure.

The U.S. freeze targets state‑affiliated entities and central‑banking channels, illustrating a layered enforcement model that combines sanctions designations, stable‑coin compliance, and sanctions on crypto exchanges. The moves heighten financial pressure on Iran amid a reported currency crisis and broader economic turmoil.