The United States has seized about $1 billion worth of cryptocurrency tied to Iran, Treasury Secretary Scott Bessent said.
Bessent made the announcement in an interview on Fox Business. He described the action as part of Operation Economic Fury, an effort to restrict Iran's access to overseas revenue, banking networks and digital-asset infrastructure. The Treasury also said it had cracked down on Tehran's global shadow banking networks and sanctioned networks supplying weapons to Iran.
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US authorities sanctioned four Tron wallets holding about 131 million dollars in Tether's USDT on July 14. The addresses are linked to Iran's Central Bank. Tether locked the wallets as part of ongoing sanctions.
Bitcoin declined sharply as tensions between the US and Iran escalated with reported strikes. The drop triggered widespread liquidations across crypto markets.
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Bitcoin traded around $63800 on Saturday with minimal movement following the latest U.S. airstrikes on Iran. Tehran declared the Strait of Hormuz closed until further notice. Other major cryptocurrencies showed similarly small daily changes.
The U.S. Treasury's Office of Foreign Assets Control added 134 crypto wallet addresses linked to ISIS-K to its sanctions list on July 1. Tether then froze USDT balances in the 131 Tron addresses. The wallets had received more than $1.4 million in donations since 2023.
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Iran has introduced a proposed platform for Bitcoin-settled insurance covering vessels in the Strait of Hormuz, according to recent reports. The plan, named Hormuz Safe, could generate more than $10 billion in revenue. It remains unverified with the site showing a coming soon page and no official government confirmation.