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