U.S. Seizes $500 Million in Crypto Under Operation Economic Fury

The United States Department of the Treasury seized nearly $500 million in cryptocurrency assets from the Iranian government between late April and early May 2026. This effort, titled Operation Economic Fury, was directed by President Donald Trump to create a financial crisis in Tehran by targeting digital wallets and freezing bank accounts. The seizures included an initial $350 million grab and a subsequent $100 million acquisition.

Concurrent with these seizures, the Treasury's Office of Foreign Assets Control sanctioned 35 individuals and entities, including three Iranian currency exchange houses—Opal Exchange, Radin Exchange, and Arz Iran Exchange—and 13 associated front companies. These actors were accused of operating a shadow banking network that moved tens of billions of dollars to fund the Islamic Revolutionary Guard Corps and facilitate illicit oil sales. The U.S. also targeted international facilitators, including the China-based Qingdao Haiye Oil Terminal Co., Ltd. and its president, Xinchun Li, as well as vessel management firms in the UK and Hong Kong.

These financial strikes coincided with a military operation called Operation Epic Fury. The U.S. further warned the maritime industry that paying cryptocurrency tolls to Iran for passage through the Strait of Hormuz would create significant sanctions risk. The Iranian government rejected the measures; Parliament Speaker Mohammad Bagher Ghalibaf dismissed the U.S. economic recommendations as "junk" and claimed the sanctions would increase global oil prices.