US Seizes $500M in Iranian Crypto in 'Operation Economic Fury'

Treasury Secretary Scott Bessent announced the U.S. has seized nearly $500 million in Iranian-linked cryptocurrency. The action is part of a campaign called 'Operation Economic Fury.'

Separately, Tether, the issuer of USDT, froze approximately $344 million worth of its stablecoin tied to Iranian wallets. Though Bessent combined the figures to suggest a near $1 billion total, some officials describe that estimate as exaggerated. Bessent framed the seizures as a humanitarian effort to prevent the Iranian regime from accessing those funds.

Iranian entities have historically used networks like Tron and BNB Chain for sanctions evasion. Tether's cooperation signals the largest stablecoin issuer is functioning as an extension of U.S. financial sanctions policy. This raises questions about centralization risk and Tether's role as a quasi-governmental gatekeeper.