Crypto was once seen as a way to move money quietly across borders. But now things are changing. Today, Treasury Secretary Scott Bessent announced that the U.S has seized nearly $1 billion worth of Iranian cryptocurrency assets, marking one of the largest crypto-related enforcement actions.
Despite this massive seizure, Iran hasn’t stopped, its is been exploring new ways to use crypto.
Speaking at the Reagan National Economic Forum, Bessent said the U.S. had “outright grabbed the wallets,” holding approximately $1 billion in Iranian crypto assets.
“I believe that we have seized about a billion dollars of their crypto, some of them may be typing in right now and not have realized that their wallet had been grabbed.”
The latest figure is significantly higher than previous disclosures.
In late April, U.S. authorities reported seizing nearly $500 million in Iranian-linked crypto assets, including a $344 million freeze of Tether (USDT) on the Tron blockchain.
The newly disclosed amount suggests enforcement efforts have accelerated in recent weeks as U.S. agencies continue targeting Iranian financial networks.
According to Bessent, the crypto seizure is part of the Trump administration’s “Operation Economic Fury,” a campaign that launched in March 2026.
Operation Economic Fury has targeted Iranian assets across multiple fronts, including cryptocurrency wallets, bank accounts, and overseas properties. The Treasury secretary said the goal is to restrict Tehran’s ability to access capital and finance government activities.
Bessent claimed the campaign has significantly weakened Iran’s finances, alleging that the government previously generated between $400 million and $500 million each month before U.S. intervention disrupted those revenue streams.
He also described worsening economic conditions inside Iran, stating that inflation may have surpassed 200%, while some military personnel and public programs are reportedly facing funding shortages.
The recent seizures show that governments are getting better at tracking, freezing, and taking crypto linked to sanctioned groups.
For years, crypto was seen by some as a way to avoid financial restrictions. But these actions suggest that blockchain transactions can still be traced and targeted through joint legal and regulatory efforts.
Despite rising U.S. pressure, Iran is also looking at new crypto-related ideas. One proposal reportedly under review is Bitcoin-based marine insurance tied to the Strait of Hormuz, which could create new revenue through blockchain-based payments.
For now, the U.S. continues to step up enforcement, with seized Iranian crypto assets now nearing $1 billion in total.
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