U.S. Seizes $1 Billion in Iranian Cryptocurrency Under Operation Economic Fury

TLDR

• The U.S. has seized roughly $1 billion in cryptocurrency tied to Iran, double the $500 million figure disclosed in late April.
• Treasury Secretary Scott Bessent said wallets were “grabbed” and some owners may not know yet.
• The seizures fall under Operation Economic Fury, launched in March 2025 to cut off Iran’s financial networks.
• Iran is facing over 200% inflation, food vouchers, internet shutdowns, and unpaid military personnel.
• Iran has reportedly been exploring a Bitcoin-based insurance scheme for ships passing through the Strait of Hormuz.

The U.S. has now seized approximately $1 billion in cryptocurrency linked to Iran, Treasury Secretary Scott Bessent confirmed Friday. He made the announcement at the Reagan National Economic Forum, saying authorities had “just outright grabbed the wallets.”

The figure is roughly double the $500 million in Iranian crypto assets the Treasury Department announced in late April. It is also well above the $344 million frozen after the U.S. Office of Foreign Assets Control sanctioned Iran-linked wallets on April 24.

What Is Operation Economic Fury?

The seizures are part of a broader U.S. pressure campaign called Operation Economic Fury. The operation launched in March 2025 and targets Iranian assets across multiple channels — including cryptocurrency, bank accounts, and overseas real estate.

Treasury has also sanctioned networks accused of supplying weapons components to Iran and designated an Iraqi official accused of facilitating Iranian oil sales alongside Iran-backed militias.

Before the U.S. intervention, Iranian officials were reportedly moving between $400 million and $500 million a month. That money was divided among roughly 80 senior regime leaders.

Iran’s Economy Under Pressure

The economic picture inside Iran appears dire. Bessent said inflation has likely surpassed 200%, food vouchers are being handed out, and the internet has been shut down in parts of the country.

He also said 40 to 50% of Iranian troops are not being paid, and that police officers are failing to report for duty. The Treasury secretary made clear these conditions are directly tied to the financial campaign against the regime.

Bessent also noted the complexity of ongoing negotiations with Iran. Talks have been complicated by a fractured leadership structure following U.S. and Israeli military strikes on senior Iranian figures.

The total toll of those strikes, combined with financial pressure, has left Tehran in a weakened position heading into any diplomatic discussions.

Iran’s Bitcoin Plans

Even as its economy suffers, Iran has been exploring ways to use cryptocurrency to generate revenue. State documents cited by Fars News Agency — a media outlet closely linked to the Islamic Revolutionary Guard Corps — outlined a plan called “Hormuz Safe.”

The platform would sell digital marine insurance for ships transiting the Strait of Hormuz, with payments made in Bitcoin and settled on blockchain. The plan reportedly projects revenues of over $10 billion.

In early April, a spokesperson for Iran’s Oil, Gas and Petrochemical Products Exporters’ Union said ships could pass through the strait by paying a tariff of $1 per barrel of oil in Bitcoin.

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