US Targets Iranian Digital Assets in Economic Campaign

The US Treasury Department has launched Operation Economic Outcast to target Iran's economy by heavily targeting its digital assets. The operation aims to cripple Iran's economy and is defined as an 'unprecedented, whole-of-government, economic campaign against the Islamic Republic of Iran and its enablers.'

As part of this effort, the Treasury has sanctioned a cyber group of Iran's Ministry of Intelligence and Security (MOIS) that has perpetrated crypto heists. The group is responsible for targeting U.S. institutions and companies, as well as executing digital asset heists.

The countries most affected by these sanctions are China, which purchases Iranian oil; Iraq and Turkey, which purchase Iranian gas for power generation; India, Russia, and others. The Treasury has given these countries a defined timeline to shut down Iran-related activity or risk facing US sanctions.