US Treasury Secretary Scott Bessent said that Washington has seized almost US$1 billion worth of Iranian assets in cryptocurrency, describing the move as part of an escalating economic campaign by Washington, geared towards cutting off all of Tehran’s access to international finance.
Speaking during the Reagan National Economic Forum on Friday, Bessent said the Trump administration’s sanctions drive, dubbed “Operation Economic Fury”, had sharply increased pressure on Iran following weeks of military confrontation and economic restrictions.
“I think between five and a half to six weeks of an incredibly successful military campaign and then Operation Economic Fury, where we have really cut them off, they are at the end of their tether now financially,” Bessent said on Fox Business.
According to the Treasury Secretary, US authorities have directly taken control of cryptocurrency wallets connected to Iranian financial networks.
“We have seized about a billion dollars of their crypto,” he said. “Just outright grabbed the wallets. Some of them may be typing in right now and might not realise their wallet had been grabbed.”
The figure reflects a series of actions carried out over recent months rather than a single operation. It includes the freezing of hundreds of millions of dollars’ worth of digital assets, including a major seizure involving the stablecoin Tether earlier this year.
Launched in March 2025, Operation Economic Fury has sought to disrupt Iranian financial activity through sanctions, asset seizures and coordination with foreign governments.
Bessent said Washington had also been working closely with European partners to identify and seize properties and financial holdings allegedly linked to Iranian officials and networks.
“We are working with our allies all over Europe to grab villas and houses and properties,” he said. “And this is money that’s stolen from the Iranian people.”
US officials have long accused Iran of using cryptocurrencies, particularly stablecoins, to move funds internationally and circumvent restrictions targeting its oil exports, military programmes and regional activities.
Bessent argued that the combined effect of military operations and economic measures had significantly weakened Iran’s leadership and financial position.
“We did not have regime change, but we changed the regime,” he said.
The Treasury Secretary claimed that senior layers of Iran’s leadership structure had been severely diminished, and plagued with internal divisions as the remaining high-level officials were struggling to control Tehran’s growing economic and political woes.
He also suggested that Iran’s relations with Gulf states had deteriorated further during the conflict, making regional governments more willing to cooperate with Washington on tracking financial networks linked to Iranian oil sales and sanctions evasion.
