The United States has taken control of close to $1 billion in Iranian cryptocurrency assets, intensifying its financial campaign against the Iranian regime. Treasury Secretary Scott Bessent revealed the seizure while speaking at the Reagan National Economic Forum, highlighting that some wallet owners might still be unaware their assets have been confiscated.
This effort is part of Operation Economic Fury, a broad initiative launched earlier this year to disrupt Iran’s financial networks. The operation combines asset seizures, freezing of bank accounts, and collaboration with European partners to confiscate Iranian properties, aiming to pressure Iran’s leadership economically and politically.
Bessent emphasized the operation’s success, describing it as an extensive campaign spanning over a month of combined military and financial efforts. He noted the increasing financial strain on Iran, referencing a severe inflation rate exceeding 200%, food shortages necessitating voucher distribution, and a significant portion of Iranian troops reportedly unpaid. The Treasury Secretary also pointed out the regime’s prior practice of siphoning hundreds of millions of dollars monthly to a few dozen top leaders before these sanctions took effect.
The nearly $1 billion figure represents a marked increase from previous reports. Earlier this year, the Treasury announced it had seized around $500 million in Iranian crypto assets, with other sanctions targeting Iranian-linked wallets accounting for several hundred million more. These measures reflect the growing use of cryptocurrency by Iran amid traditional financial restrictions.
In parallel, Iran is exploring innovative methods to monetize its strategic control over the Strait of Hormuz. A proposal known as “Hormuz Safe” envisions selling marine insurance denominated in Bitcoin, potentially generating billions in revenue through blockchain-based settlement. This plan aligns with broader efforts by Tehran to circumvent economic sanctions by adopting digital currency solutions for trade tariffs and other revenue streams.