The United States has seized around $1 billion in cryptocurrency linked to Iran, Treasury Secretary Scott Bessent said, describing the move as part of a broader campaign to cut off financing channels used by Tehran.
In an interview on Fox Business, Bessent said that US authorities had “grabbed the wallets” and confiscated cryptocurrencies connected to Iran.
He said the effort falls under Operation Economic Fury, an administrative initiative aimed at restricting Iran’s access to offshore revenue, banking networks and digital asset infrastructure.
“In addition, Treasury has cracked down on Tehran’s global shadow banking networks; designated networks that supply weapons and other military components to Iran; sanctioned a corrupt Iraqi official who has facilitated the sale of oil alongside Iranian-backed militias operating in Iraq,” a Treasury news release reads.
Bessent said the pressure campaign had contributed to worsening economic conditions in Iran. He added that a large number of soldiers were not paid, police officers were not showing up for work and inflation had exceeded 200%.
He also said Iranian authorities had resorted to food vouchers and internet shutdowns.
The Treasury secretary said the United States and its partners were also targeting overseas real estate and other assets that he described as profits diverted from the Iranian people.
He added that Iranian officials had moved hundreds of millions of dollars each month before the Treasury intervention.
Read more: Iran crisis puts regime’s $7.8 billion underground crypto economy in the spotlight
