US Seizes $1 Billion in Iranian Crypto as Bessent Says Tehran Nears Breaking Point
Updated
Updated · Fox Business · May 29
US Seizes $1 Billion in Iranian Crypto as Bessent Says Tehran Nears Breaking Point
3 articles · Updated · Fox Business · May 29
$1 billion in Iranian cryptocurrency has been seized by the U.S., Treasury Secretary Scott Bessent said, calling it a key blow in Washington’s pressure campaign against Tehran.
Operation Economic Fury, launched in March 2025, has also frozen bank accounts, targeted overseas property and pushed foreign governments to cut financial ties, according to Bessent.
Bessent said the campaign has driven Iran into crisis: inflation is likely above 200%, 40% to 50% of troops are not being paid, and authorities are issuing food vouchers and shutting off the internet.
Gulf states became more willing to expose Iranian oil-linked banking after IRGC attacks across all six GCC countries, Bessent said, helping tighten enforcement alongside a U.S. naval blockade in the Strait of Hormuz.
The announcement came as Trump said he would make a final determination on Iran, with Bessent describing talks as difficult because U.S. negotiators face both clerical and IRGC power centers.
With Iran bypassing the blockade via new trade routes, is America's economic pressure campaign actually achieving its intended goals?
By 'decapitating' Iranian leadership, has the U.S. inadvertently eliminated any chance for a diplomatic solution to the escalating conflict?
As the U.S. seizes $1 billion in crypto, what does this new era of 'wallet grabbing' mean for digital asset security?
U.S. Seizes $1 Billion in Iranian Crypto: Operation Economic Fury and the New Era of Digital Sanctions
Overview
Operation Economic Fury, launched by the United States in March 2025, led to the seizure of nearly $1 billion in Iranian cryptocurrency assets by May 2026. U.S. authorities targeted and seized digital wallets connected to Iran, leaving some owners unaware they had lost access. This operation struck directly at Iran’s ability to use crypto to bypass financial controls, fund military activities, and sustain its operations. By disrupting these digital funding mechanisms, the U.S. delivered a significant blow to Iran’s financial strategies, demonstrating that even decentralized assets can be vulnerable to coordinated enforcement actions.