US Treasury Sanctions $344 Million in Crypto Wallets Tied to Iran Funding Network

The US government has frozen $344 million in cryptocurrency as it moves to cut off Iran’s funding channels.

Treasury Secretary Scott Bessent wrote on X on April 24 that the Office of Foreign Assets Control had sanctioned cryptocurrency wallets linked to Iran.

The move is part of a broader effort to systematically disrupt Iran’s ability to generate, move and recover funds, Bessent said. He added that the US would keep tracking money Iran seeks to move abroad and target every financial lifeline connected to the regime.

OFAC formally sanctioned two Tron network cryptocurrency wallets holding a combined $344 million by adding them to its Specially Designated Nationals list. The Treasury Department said the wallets were directly linked to Iran’s Islamic Revolutionary Guard Corps and the militant group Hezbollah.

The sanctions came shortly after reports emerged that Iran was seeking to collect ship transit fees in Bitcoin at the Strait of Hormuz, a key chokepoint for global oil shipments. Foreign media outlets reported that Iran had already secured substantial revenue from crypto-based transit charges.