U.S. authorities say they have seized nearly $1 billion in cryptocurrency tied to Iran, intensifying a financial campaign aimed at choking off Tehran’s ability to move money outside traditional banking channels. Treasury Secretary Scott Bessent announced the figure at the Reagan National Economic Forum, describing an expanded effort to track and disrupt funds flowing through overseas networks linked to Iran’s government and the Islamic Revolutionary Guard Corps (IRGC). The initiative — part of a pressure campaign reportedly ordered by President Donald Trump and led by the Treasury Department — combines sanctions, frozen bank accounts and targeted actions against blockchain wallets. Key developments - OFAC has sanctioned more than 1,000 Iran-linked entities as part of the broader operation. - In April, the Treasury sanctioned multiple crypto wallet addresses tied to the IRGC. Blockchain analytics firm Chainalysis connected those addresses to on-chain patterns associated with known Iranian military wallets. - Tether, cooperating with U.S. law enforcement, froze about $344 million in USDT across two TRON addresses: one holding roughly $213 million and the other about $131 million. That earlier intervention pushed the reported total seizures past $500 million; Bessent’s remarks bring the figure close to $1 billion. Why it matters for crypto U.S. officials now treat crypto wallets as integral components of Iran’s financial infrastructure and are explicitly targeting those digital corridors. The move signals that major stablecoin issuers and exchanges may face increased pressure to freeze or block sanctioned funds, and that blockchain analytics will continue to play a central role in enforcement. Broader context The crackdown comes amid reports that Iran has been expanding its use of digital assets to bypass sanctions. In January, Iran’s Ministry of Defense export arm (Mindex) reportedly allowed military contracts to be paid in digital currencies, barter or Iranian rials — widening Tehran’s options as access to conventional finance remained constrained. In April there were also reports that Iran considered charging transit tolls in Bitcoin for ships passing the Strait of Hormuz, a proposal that would have entwined crypto with geopolitical, legal and commercial risk for shipping firms. What Washington says next Bessent emphasized that U.S. authorities will continue to follow and disrupt routes Iran uses to move money abroad, targeting the financial lifelines that support the regime and its military apparatus. For the crypto industry, the message is clear: on-chain activity tied to sanctioned actors will face active enforcement, and cooperation with U.S. authorities can lead to large-scale freezes of digital assets. Read more AI-generated news on: undefined/news