US Targets Iranian Network, Seizes $1 Billion Crypto

WASHINGTON: (Web Desk) – The United States has announced the dismantling of an alleged Iranian procurement network accused of illegally obtaining sensitive military technology, while also seizing approximately $1 billion in Iranian cryptocurrency assets.

According to the US State Department, the network used fraudulent methods to acquire advanced equipment for Iran’s defence sector by posing as legitimate businesses and deceiving dozens of American technology companies.

State Department spokesperson Tommy Pigott said the operation involved fake websites that imitated US firms, with intermediaries in Dubai allegedly receiving shipments before transferring the equipment to Iran in violation of American sanctions.

US officials identified Iran-based Ali Majd Sepehr as the alleged leader of the network, which reportedly obtained advanced technologies including spectrum analyzers and security detection devices.

The announcement came a day after the State Department offered a $15 million reward for information that could help disrupt the financial operations of Iran’s Islamic Revolutionary Guard Corps (IRGC) and its affiliated entities.

Separately, US Treasury Secretary Scott Bessent said Washington had seized around $1 billion in Iranian cryptocurrency assets as part of broader economic measures targeting Tehran.

Speaking at the Reagan National Economic Forum, Bessent alleged that Iran had been generating hundreds of millions of dollars each month through sanctions-evasion activities.

Trump Iran Deal Red Lines Explained: Why Peace Talks Remain Elusive

“I believe that we have seized about a billion dollars of their crypto,” Bessent said, adding that US authorities had taken control of multiple digital wallets linked to Iranian entities.

The treasury secretary previously disclosed that nearly $500 million in Iranian crypto assets had been confiscated earlier, as part of efforts to tighten financial pressure on Tehran.

Meanwhile, the White House reiterated that President Donald Trump would only approve a final agreement with Iran if all US conditions are met, as negotiations between Washington and Tehran continue amid uncertainty over a broader settlement.

US officials maintain that financial sanctions, asset seizures, and enforcement actions remain central components of Washington’s strategy toward Iran.