The US Treasury Department is imposing sanctions on several Iran-linked wallets, thereby freezing $344 million in crypto.
“The Treasury Department’s Office of Foreign Assets Control is imposing sanctions on several Iran-linked wallets, resulting in the freezing of $344 million in crypto,” said Treasury Secretary Scott Bessent in a post on X (formerly Twitter, blocked in the territory of the Russian Federation).
This comes as fragile diplomatic efforts to end the war remain stalled and the global economy struggles with the consequences. During the fragile ceasefire, the administration has increased economic pressure on Iran. It is unclear whether a large amount of confiscated funds will impact Tehran's stance on the war or negotiations.
"We will monitor the money that Tehran is desperately trying to get out of the country and target all financial channels associated with the regime," Bessent added.
Cryptocurrency assets in Iran reached $7.8 billion in 2025, increasing at a faster rate than in 2024 for most of the year, according to cryptocurrency tracking company Chainalysis.
On Thursday, Tether, a digital currency company that facilitates cryptocurrency transactions worldwide, announced that it had "supported the U.S. government in freezing" $344 million in cryptocurrency at two addresses after "several U.S. agencies" shared information about "illegal activities."