The U.S. Treasury Department has seized roughly $1 billion in cryptocurrency tied to Iran, Treasury Secretary Scott Bessent announced Thursday, as part of a broader crackdown called Operation Economic Fury. Hours later, Tether froze $344 million in USDT across two Tron wallets linked to Iran's Revolutionary Guard — the largest single USDT freeze on record. The moves come as Iran reportedly explored forcing ships transiting the Strait of Hormuz to pay tolls in Bitcoin during a temporary ceasefire, a bid to bypass sanctions and collect revenue.
Operation Economic Fury
Secretary Bessent said the seizure disrupts Tehran's financial networks by cutting off a key funding channel. The operation targets Iran's use of cryptocurrency to evade sanctions and finance activities tied to the Islamic Revolutionary Guard Corps (IRGC). While Bessent didn't name specific platforms or wallets, the scale — roughly $1 billion — signals the administration's willingness to pursue crypto assets wherever they move. The timing isn't great for Iran: the seizure lands as the country's economy strains under renewed sanctions pressure.
Tether's freeze and the Chainalysis trail
Tether acted after blockchain analytics firm Chainalysis identified two Tron addresses linked to the IRGC. One wallet held $213 million, the other $131 million — both in USDT. Tether froze the entire $344 million, effectively locking those funds from transfer or exchange. It's not the first time Tether has frozen assets at the request of law enforcement, but the dollar amount dwarfs previous actions. The freeze means the IRGC can't move that USDT anywhere on the Tron network, though the funds remain on-chain, inert.
Bitcoin tolls at the Strait of Hormuz
Separately, Iran reportedly planned to require ships passing through the Strait of Hormuz to pay tolls in Bitcoin during a temporary ceasefire — a scheme designed to collect revenue while evading traditional banking restrictions. If implemented, it would turn a strategic chokepoint into a crypto tollbooth. The plan appears to be in early, unconfirmed stages, but the fact that Tehran is considering it shows how seriously the regime views crypto as a sanctions-workaround tool. U.S. officials are watching the Strait closely.
Whether the ceasefire holds — and whether Iran actually follows through on the Bitcoin toll plan — remains an open question. For now, the Treasury's seizure and Tether's freeze have made one thing clear: the IRGC's crypto stash just got a lot smaller.
