US Treasury freezes $130M in cryptocurrency linked to Iran's central bank

The US Treasury has frozen over $130 million in cryptocurrency wallets tied to Iran’s central bank, adding another layer to what has become the most aggressive sanctions campaign ever directed at a nation’s digital asset ecosystem.

A much bigger puzzle

The $130 million freeze doesn’t exist in isolation. It’s one piece of a considerably larger enforcement mosaic.

In April, Tether blocked $344.2 million in USDT across wallets linked to the Central Bank of Iran. Those wallets were associated with the IRGC-Qods Force and Hezbollah, two entities that have been on OFAC’s radar for years.

Then on June 2, OFAC went after the plumbing itself. The agency designated four major Iranian digital asset exchanges: Nobitex, Wallex, Bitpin, and Ramzinex. It was the largest sanctions action ever taken against Iran’s digital asset sector.