Iran, which had $500 million in coins seized by the U.S., collects Bitcoin tolls in the Strait of Hormuz?

▲ What happens to Bitcoin if the Strait of Hormuz is blocked?/ChatGPT generated image ©

Iran, whose national currency's value has plummeted by nearly 70%, putting it on the brink, has experienced an unprecedented event: the seizure of $500 million worth of cryptocurrency assets by U.S. authorities. As the U.S. intensifies its powerful financial offensive, tightening its grip not only on traditional financial networks but also on the virtual asset market, international tensions are escalating.

According to the cryptocurrency specialized media Bitcoinist on May 1st (local time), U.S. Treasury Secretary Scott Bessent stated in an interview with Fox Business that he controls $500 million worth of cryptocurrency linked to the Iranian government. This amount significantly exceeds the $344 million reported a few days earlier. Secretary Bessent emphasized that global bank accounts are being frozen, and pension funds and overseas real estate of high-ranking Iranian officials are being specifically targeted.

This large-scale seizure is part of Operation Economic Fury, which began in March 2025 under the direction of U.S. President Donald Trump. The key objective is to completely block Iran's access to the global financial system through asset seizures, account freezes, and secondary sanctions. The U.S. Treasury Department's Office of Foreign Assets Control (OFAC) added 35 entities and individuals linked to shadow financial networks to its sanctions list in a single day, and a Chinese oil refinery and more than 40 shipping companies were also hit for alleged sanctions violations.

$344 million, accounting for a significant portion of the seized assets, was identified as Tether (USDT). Tether acknowledged that, at the request of U.S. authorities, it froze funds in wallets identified by OFAC as being linked to Iran. However, neither the Treasury Department nor Tether has provided a specific explanation for the discrepancy between the $344 million and the finally announced $500 million.

In response to the comprehensive pressure from the U.S., Iran is also struggling to generate alternative revenue using digital assets. Recently, Iran is reportedly pursuing a plan to impose a Bitcoin (BTC) toll of approximately $1 per barrel on cargo-laden oil tankers passing through the Strait of Hormuz. Although there has been no official confirmation from the Iranian government, there are reports that some tolls have already been collected.

Taking advantage of the escalating tensions around the strait, fraudulent crimes impersonating Iranian security authorities and demanding Bitcoin or USDT payments from shipowners are rampant, prompting maritime security firms to urge extreme caution. As the economic war between the U.S. and Iran over virtual assets intensifies, confusion in related industries is expected to continue for some time.

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