The U.S. Treasury has frozen a cryptocurrency wallet linked to Iran's Islamic Revolutionary Guard Corps (IRGC), worth $130 million. Treasury Secretary Scott Bessent announced the move on Fox News on Tuesday, saying the department is also tracking properties of Iran's Supreme Leader Ali Khamenei valued at over $100 million.
Bessent details Iran's economic crisis
Bessent described Iran's economy as in 'freefall', with the rial at an all-time low and inflation 'upwards of 180%'. The Treasury has previously seized $1 billion of Iran's crypto. Blockchain analysts have tied billions in on-chain flows to IRGC-linked wallets, with such wallets receiving over $3 billion in 2025, up from over $2 billion the year before.
Tether freezes $344 million in USDT
Separately, Tether froze $344 million in USDT across two blockchain addresses tied to the IRGC. Bitcoin's design allows Iran to monetize oil access outside the dollar system, but also allows Treasury to trace and freeze value on a public ledger.
Bitcoin use surges inside Iran
Since U.S. and Israeli strikes on Iran began, bitcoin use inside Iran surged as residents moved value out of the banking system. Iran reportedly moved to accept bitcoin from tankers seeking passage through the Strait of Hormuz, a $1-per-barrel toll. The Strait carries a fifth of the world's oil.
Treasury has not yet published documentation of the $130 million wallet freeze or the property addresses Bessent referenced. The department hopes to publish those addresses, but no timeline has been given.
