Scott Bessent Announces $130 Million Crypto Freeze Targeting Iran Central Bank
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On July 14, 2026 the US Treasury and OFAC froze more than $130 million in cryptocurrency tied to Iran’s Central Bank and sanctioned over 50 entities and vessels in Mohammad Hossein Shamkhani’s network, following an April Tether-assisted freeze of $344 million across two wallets. The designations under Executive Order 13902, combined with a resumed US naval blockade effective 4 p.m. ET with more than 20 warships and hundreds of aircraft, elevate regulatory and security risk for crypto flows and increase compliance pressure on exchanges, stablecoin issuers, CEX/DEX and DeFi channels, weighing on adoption and illicit on-chain activity.
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In Brief
- OFAC froze over $130 million in crypto tied to Iran's Central Bank.
- Bessent vowed to follow the money and cut regime access to illicit funds.
- OFAC also sanctioned over 50 entities and vessels in Shamkhani's network.
The US Treasury froze more than $130 million in cryptocurrency tied to Iran’s Central Bank.
The Office of Foreign Assets Control (OFAC) sanctioned multiple wallets linked to the Central Bank of Iran (CBI).
US Treasury Targets Iran’s Central Bank Crypto Wallets
Treasury Secretary Scott Bessent announced the freeze in a post on X. Bessent framed it as part of a broader effort to counter Iran’s abuse of digital assets.
“We will continue to aggressively follow the money and deny the Iranian regime access to the proceeds of its illicit revenue schemes,” he said.
The move follows a larger action in April. Stablecoin issuer Tether helped the US government block $344 million spread across two wallets. A US official tied that freeze to Iranian state actors.
Sanctions Hit Shamkhani’s Shipping Network
The crypto freeze accompanied a broader sanctions package. OFAC named more than 50 individuals, entities, and vessels.
The targets operate within Mohammad Hossein Shamkhani’s network, a major force behind Iran’s oil exports. Treasury has now sanctioned over 200 people and entities under its patronage.
Bessent described the Shamkhani network as one of the regime’s most profitable engines, built on “deception.” The designations fall under Executive Order 13902, which targets Iran’s core economic sectors.
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The Iranian regime survives on deception, and the Shamkhani network is one of its most profitable engines. Treasury is shutting down the financial infrastructure that allows the regime to continue its threats to U.S. national security and global shipping. https://t.co/F2PCLFax1r
— Treasury Secretary Scott Bessent (@SecScottBessent) July 14, 2026
US Resumes Naval Blockade on Iran
The sanctions landed as military pressure intensified. US Central Command (CENTCOM) resumed a naval blockade of Iranian ports.
The blockade took effect at 4 p.m. ET. CENTCOM said more than 20 US Navy warships and hundreds of aircraft now operate across the Middle East.
Earlier that afternoon, US forces launched fresh strikes to degrade Iranian capabilities used to attack commercial shipping in the Strait of Hormuz. The combined financial and military actions signal a widening pressure campaign.
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