Iran had already started collecting crypto payments on ships passing through the Strait of Hormuz when US authorities decided to cut off the money.
On Friday, the Treasury Department announced that it had frozen more than $340 million in cryptocurrencies linked to Iranian military and political groups — the same amount that stablecoin issuer Tether had quietly blocked 24 hours earlier.
Bitcoin Tolls at a Global Chokepoint
Reports indicate that Iran was charging ships in Bitcoin for safe passage through the Strait of Hormuz, one of the world’s most critical shipping lanes for oil and other goods. Reports reveal that Iran had already collected revenue from these crypto tolls.
The move comes amid ongoing conflict around the strait, where Iranian forces reportedly attacked three ships and U.S. naval forces established a blockade.
US President Donald Trump said this week that the United States and Iran had reached a cease-fire agreement. But tensions over water tell a different story. Attacks on commercial shipping and the US blockade suggest the situation is far from resolved.
Under the economic fury, @USTreasury will continue to systematically degrade Tehran’s ability to generate, move and repatriate funds.
Treasury’s Office of Foreign Assets Control sanctions several Iran-linked portfolios, resulting in the freezing of $344 million in…
– Treasury Secretary Scott Bessent (@SecScottBessent) April 24, 2026
Treasury attacks Iranian wallets
Treasury Secretary Scott Bessent posted on X on Friday that the Office of Foreign Assets Control had sanctioned two cryptocurrency addresses on the Tron blockchain. The portfolios, the officials said, were linked to the Islamic Revolutionary Guard Corps and Hezbollah. Together they held $344 million.
“We will track the money that Tehran is desperately trying to move out of the country and target any financial lifelines linked to the regime,” Bessent said. The freeze, he added, was part of a broader effort to “systematically degrade Tehran’s ability to generate, move and repatriate funds.”
The announcement came a day after Tether revealed it had frozen more than $344 million of its USD stablecoin at the request of US law enforcement. At the time, the company cited “activities related to illegal behavior” but did not cite Iran. Friday’s Treasury notice made the connection explicit.
The United States and Israel launched joint airstrikes against Iran in late February. Since then, US financial pressure on Tehran has intensified across traditional and crypto markets.
The Limits of Crypto as a Sanctions Workaround
Iran’s attempt to use cryptocurrency as a financial workaround has hit a hard wall. Tron addresses reported by OFAC now appear on the agency’s list of Specially Designated Nationals, effectively making them off-limits to any U.S. person or entity.
The episode shows how Iran’s crypto lifeline, including the $344 million frozen on these two Tron wallets, can still be disrupted by centralized stablecoin issuers willing to follow through on law enforcement demands. Tether’s compliance with the US request occurred even before the public sanctions notice was published.
Featured image from Pexels, chart from TradingView
Editorial process as Bitcoinist focuses on providing thoroughly researched, accurate and unbiased content. We follow strict sourcing standards and every page undergoes careful review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance and value of our content to our readers.
