The United States has seized about $1 billion in cryptocurrency linked to Iran, Treasury Secretary Scott Bessent said, describing the move as part of a broader campaign to cut off funding channels used by Tehran.
In an interview on Fox Business, Bessent said US authorities had “grabbed the wallets” and seized cryptocurrency linked to Iran.
He said the effort falls under Operation Economic Fury, an administration initiative aimed at limiting Iran’s access to overseas revenues, banking networks and digital asset infrastructure.
“In addition, the Treasury Department has cracked down on Tehran’s global shadow banking network; designated networks that supply weapons and other military components to Iran; sanctioned a corrupt Iraqi official who has facilitated the sale of oil with Iran-backed militias operating in Iraq,” reads a press release from the Treasury Department.
Bessent said the pressure campaign had contributed to worsening economic conditions in Iran. He added that large numbers of military personnel were not paid, police officers failed to report for duty and inflation had exceeded 200%.
He also said Iranian authorities had resorted to food stamps and internet blackouts.
The finance minister said the US and its partners were also targeting overseas real estate and other assets, which he described as profits derived from the Iranian people.
He added that Iranian officials had previously moved hundreds of millions of dollars each month before the Treasury Department’s intervention.
Read more: Iran crisis spotlights regime’s $7.8 billion crypto shadow economy
