US Treasury Secretary Scott Bessent confirmed on Tuesday that the US government ordered the freezing of over $130 million in cryptocurrency held in wallets linked to Iran. The move comes as hostilities in the Middle East continue to escalate.
Earlier that day, blockchain investigator Specter pointed to onchain data showing Tether had frozen four Tron wallets containing $131 million worth of USDt ($USDT). Bessent later confirmed on X that those wallets were tied to the Central Bank of Iran.
Official statement on illicit finance
“US Treasury is committed to disrupting and degrading Iran’s illicit financial activities, including its abuse of digital assets,” Bessent said on Tuesday. “We will continue to aggressively follow the money and deny the Iranian regime access to the proceeds of its illicit revenue schemes.”
The asset freeze coincides with a collapse in the ceasefire between the US and Iran. The US announced it has renewed its blockade of Iranian ports, while the US military’s Central Command disclosed a new wave of strikes on Iran. In response, Iran’s military claimed on Tuesday that it carried out drone strikes targeting US military facilities at Jordan’s Al Azraq Air Base.
Background of previous freezes
This action follows a similar freeze in April, when stablecoin issuer Tether confirmed it had frozen more than $344 million in $USDT at the request of US authorities. In May, Bessent noted that the US has seized around $1 billion in Iranian crypto assets as part of Operation Economic Fury, a financial pressure campaign against Iran launched in March 2025.
Broader campaign details
“Through Economic Fury, the Treasury Department is disrupting the foreign procurement networks that support the Iranian military’s efforts to acquire weapons,” Bessent said in a statement 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.”
Related reports from TRM Labs indicate that Iran-linked entities moved $3.8 billion through the exchange CoinEx, highlighting the scale of digital asset flows tied to the country.
