Iran, having $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 value has plummeted by nearly 70%, pushing it to the brink, has experienced an unprecedented event: the seizure of $500 million worth of cryptocurrency assets by U.S. authorities. As the U.S.'s powerful financial offensive, which extends beyond traditional financial networks to the virtual asset market, intensifies, international tensions are rising.

According to the cryptocurrency media Bitcoinist on May 1 (local time), U.S. Treasury Secretary Scott Bessent stated in an interview with Fox Business that he controls $500 million in cryptocurrency linked to the Iranian government. This amount significantly exceeds the $344 million reported a few days prior. 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 operation is part of "Operation Economic Fury," which began in March 2025 under the directive 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 refinery and over 40 shipping companies were also hit for alleged sanctions violations.

$344 million, which constitutes a significant portion of the seized assets, was identified as Tether (USDT). Tether acknowledged that, at the request of U.S. authorities, OFAC froze funds in wallets identified 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 U.S.'s comprehensive pressure, 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 about $1 per barrel on cargo-laden oil tankers passing through the Strait of Hormuz. Although there is no official confirmation from the Iranian government yet, there are reports that some tolls have already been collected.

Amid the escalating tensions around the strait, fraud crimes are also rampant, with perpetrators impersonating Iranian security authorities and demanding Bitcoin or USDT payments from shipowners. Maritime security companies are urging extreme caution. As the economic war between the U.S. and Iran over virtual assets intensifies, the confusion in related industries is expected to continue for some time.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*