US Treasury Secretary Scott Bessent announced that the US government ordered the freezing of more than $130 million in cryptocurrency held in wallets associated with Iran, in response to escalating tensions in the Middle East.
Wallet freeze targets Iran’s Central Bank
Blockchain investigator Specter earlier identified onchain data showing that stablecoin issuer Tether froze four Tron blockchain wallets containing a total of $131 million worth of USDt (USDT). Bessent confirmed that these wallets were linked to the Central Bank of Iran.
Mini dictionary: Tron, a blockchain platform focused on high-throughput and scalable decentralized applications, supports USDT (Tether) token issuance and transactions. Tether is a popular stablecoin pegged to the US dollar, widely used in cryptocurrency trading and payments.
Bessent emphasized the Treasury Department’s efforts to counteract Iran’s financial activities using digital assets. He stated, “US Treasury is committed to disrupting and degrading Iran’s illicit financial activities, including its abuse of digital assets.” He added that authorities will continue tracing and blocking funds to prevent the Iranian government from accessing income generated via illicit operations.
“We will continue to aggressively follow the money and deny the Iranian regime access to the proceeds of its illicit revenue schemes.”
Ongoing pressure campaign against Iran
The asset freeze coincided with the breakdown of a ceasefire between the US and Iran. Washington renewed its blockade of Iranian ports, while the US Central Command reported a new wave of military strikes on targets in Iran. On the same day, Iranian defense sources claimed to have conducted drone operations against American military facilities at Jordan’s Al Azraq Air Base.
This is not the first time the US government has coordinated with Tether on such actions. In April, Tether stated it froze over $344 million in USDT at the request of US authorities, as part of broader measures targeting Iran’s access to international financial systems.
| Month | Frozen Amount (USDT) | Initiated by |
|---|---|---|
| April | $344 million | Tether, US authorities |
| June | $131 million | Tether, US Treasury |
Operation Economic Fury expands seizures
Bessent earlier reported in May that the US had seized around $1 billion in Iranian crypto assets since the introduction of Operation Economic Fury, a financial pressure campaign begun in March 2025.
He described the ongoing initiative as a comprehensive effort targeting procurement networks supplying the Iranian military. “Through Economic Fury, the Treasury Department is disrupting the foreign procurement networks that support the Iranian military’s efforts to acquire weapons,” Bessent stated in June.
Treasury has frozen the Iranian regime’s assets, severely disrupted its economy, and dismantled the Iranian war machine. Treasury will not tolerate any support of the Iranian military.
TRM, an analytics firm specializing in blockchain forensics, reported that entities linked to Iran moved $3.8 billion in crypto through CoinEx, a global cryptocurrency exchange, as part of operations scrutinized under the ongoing sanctions framework.
Mini dictionary: TRM Labs is a blockchain intelligence company that analyzes cryptocurrency transactions to detect financial crime, money laundering, and sanction violations.
US authorities have repeatedly signaled that digital assets will remain a focus in efforts to clamp down on Iranian financial networks, with further actions possible as hostilities continue.
