US Seizes Nearly $1 Billion in Iranian Cryptocurrency Assets Under Sanctions Campaign

May 29, 2026

The U.S. has seized a cumulative total of nearly $1 billion in Iranian cryptocurrency assets as part of its 'Operation Economic Fury' sanctions campaign. Treasury Secretary Scott Bessent stated the action targets Iran's use of crypto to evade sanctions. The pressure has reportedly contributed to a severe financial crisis in Iran, with inflation over 200% and a large portion of military personnel going unpaid.

US Iranian cryptocurrency seizures

▪A previous action in April 2026 involved freezing $344 million in USDT on the Tron blockchain as part of the sanctions.
▪The $1 billion seizure figure represents a cumulative total to date, not a single new action.
▪The total amount of seized Iranian crypto assets increased from nearly $500 million reported in late April 2026.
▪The U.S. has seized a cumulative total of approximately $1 billion in Iranian cryptocurrency assets.

Operation Economic Fury sanctions

▪The operation aims to restrict Iran's access to overseas revenue, banking networks, and digital-asset infrastructure.
▪The U.S. works with issuers like Tether and blockchain analytics firms to identify and immobilize wallets linked to Iran.
▪The seizures are part of a U.S. financial pressure campaign against Iran known as Operation Economic Fury.
▪Operation Economic Fury was launched in March 2025 to target Iran's sanctions-evasion networks.

Iran hyperinflation financial crisis

▪Between 40% and 50% of Iranian troops are not being paid due to the country's financial state, according to the U.S. Treasury Secretary.
▪According to the U.S. Treasury Secretary, inflation in Iran has likely surpassed 200%.
▪Amid its economic crisis, the Iranian government has reportedly resorted to distributing food vouchers and implementing internet shutdowns.
▪Police officers in Iran were failing to report for duty due to the severe economic conditions.

Iranian regime revenue distribution

▪Iran has used stablecoins, particularly USDT on the Tron network, to move funds for oil sales and IRGC operations.
▪Prior to the intensified U.S. pressure campaign, Iran was moving between $400 million and $500 million per month via cryptocurrency.
▪The Iranian regime was allegedly siphoning this $400 to $500 million monthly, with the proceeds divided among approximately 80 leaders.

Hormuz Strait Bitcoin insurance

▪The "Hormuz Safe" platform could potentially generate over $10 billion in revenue for the country.
▪Iran's Islamic Revolutionary Guard Corps has promoted a Bitcoin-settled maritime insurance platform named "Hormuz Safe."
▪Iran has also considered requiring oil tankers passing through the Strait of Hormuz to pay transit fees in Bitcoin.