Treasury says it's frozen nearly $500M in Iran-linked crypto

Bessent Puts $500M Crypto Freeze on the Record

Treasury Secretary @SecScottBessent has confirmed that the United States has frozen close to $500 million in cryptocurrency tied to Iran's regime as part of the administration's "Operation Economic Fury" campaign. Bessent, speaking on Fox Business, said the Treasury Department seized roughly $350 million in crypto assets with an additional $100 million taken in a separate action, bringing the combined total near the half-billion mark. The announcement coincided with OFAC sanctioning more than 50 firms, vessels, and individuals in its latest Iran shadow-banking enforcement sweep.

The new figure builds on an earlier action in late April, when stablecoin issuer Tether coordinated with OFAC and U.S. law enforcement to freeze approximately $344 million in $USDT across two addresses on the Tron blockchain. Those wallets were designated as property of Iran's Central Bank, with linkages to the IRGC-Qods Force and Hezbollah, and had quietly accumulated roughly $370 million through nearly 1,000 separate deposits since March 2021, according to blockchain analytics firm TRM Labs.

Amin Exchange and the IRGC Connection

The latest round of OFAC designations centers on Amin Exchange, formally known as Ebrahimi and Associates Partnership Company. OFAC says the Iran-based currency house moved hundreds of millions of dollars on behalf of sanctioned Iranian banks through a network of front companies in the UAE, Türkiye, Hong Kong, and China. The firm's CEO, Samad Nemati, is a former IRGC officer, and owner Yousef Ebrahimi was also designated. Eight associated entities were added to the Specially Designated Nationals list. Separately, 19 tankers that have transported Iranian oil, naphtha, methanol, and liquefied petroleum gas since 2023 were blocked, with vessel owners based in Hong Kong, the Marshall Islands, and Liberia also named in the action.

Bessent warned that the pressure campaign is designed to cut off Tehran's ability to fund its military and proxy networks, including Hezbollah and Hamas, and said more secondary sanctions could follow against foreign banks, refineries, and airlines that continue to facilitate Iranian financial flows. Iran's currency has fallen an estimated 60 to 70 percent against the U.S. dollar, and one of the country's largest banks collapsed in December, according to Bessent's remarks. Operation Economic Fury was ordered by President Trump in March 2025, and since February 2025, OFAC has sanctioned over 1,000 Iran-related persons, vessels, and aircraft under the campaign.

Sources:
U.S. Department of State: United States Sanctions Iranian Financial and Shipping Networks
TRM Labs: OFAC Sanctions Crypto Addresses Associated with the Central Bank of Iran
Yahoo Finance: US Treasury Hits Over 50 Firms and Vessels in Iran Shadow Banking Crackdown