US freezes nearly $500 million in Iranian crypto and cites $7.7 billion stockpile

The United States has intensified its efforts to disrupt Iran's use of cryptocurrency as part of a broader sanctions campaign, while simultaneously freezing hundreds of millions in digital assets linked to the Iranian regime. This action coincides with a new estimate suggesting Iran holds a significant cryptocurrency stockpile valued at approximately $7.7 billion.

The Treasury Department announced new penalties against an Iranian money exchange business and related shell companies that process funds for sanctioned Iranian banks. Treasury Secretary Scott Bessent stated the department has frozen nearly $500 million in cryptocurrency connected to Iran, including $344 million seized last month alone. Officials described these actions as part of the "Economic Fury" campaign, aimed at dismantling Iran's shadow banking system and cutting off its access to global financial networks.

A report citing data from a threat-detection firm estimates the Iranian government controls roughly $7.7 billion in digital assets. This figure is believed to be derived from Iran's state-sanctioned Bitcoin mining operations, which began in 2019, and from blockchain analyses of wallets linked to Iranian...