The US Treasury Department is going after Iran’s oil money, and this time, the crypto industry is caught in the crosshairs.

New sanctions under what the government is calling Operation Economic Fury target a sprawling network of companies, individuals, and vessels involved in smuggling Iranian oil to China. The kicker for crypto markets: $344 million in digital assets linked to Iranian wallets have been frozen as part of the crackdown.

What happened and who got hit

The first wave landed on April 15, when the Treasury sanctioned three Iranian currency exchange houses that were reportedly handling billions in annual revenues.

Then on May 11, a second round of sanctions dropped. This time, nine companies and three…