The United States has seized roughly $1 billion in Iranian crypto assets, Treasury Secretary Scott Bessent said Friday, adding that some of the wallet owners may not yet know the funds are gone.
“I believe that we have seized about a billion dollars of their crypto,” Bessent said while speaking at the Reagan National Economic Forum. “Just outright grabbed the wallets. Some of them may be typing in right now and not have realized that their wallet had been grabbed,” he added.
Bessent said the seizures are part of the US financial pressure campaign against Iran, known as Operation Economic Fury. Launched in March 2025, the operation has targeted Iranian assets across multiple fronts, seizing cryptocurrency, freezing bank accounts and working with European allies to confiscate properties.
Scott Bessent at the Reagan National Economic Forum. Source: YouTube
“I think between five and a half to six weeks of an incredibly successful military campaign and Operation Economic Fury, where we have really cut them off. They are at the end of their Tether now financially,” he said.
Related: Crypto markets shed $80B after fresh US strikes on Iran
Iran’s financial state is dire
The Treasury secretary said the regime had been siphoning $400 to $500 million a month and dividing the proceeds among roughly 80 leaders before the US intervened. He said inflation in Iran has likely surpassed 200%, food vouchers are being distributed, the internet has been shut down and 40 to 50% of Iranian troops are not getting paid.
Bessent also addressed ongoing negotiations with Iran, noting the complexity of dealing with a fractured leadership structure following US and Israeli strikes on senior regime figures.
The newly disclosed $1 billion figure is roughly double the $500 million in Iranian cryptocurrency assets the Treasury Department announced it had seized in late April, and much higher than the $344 million in seized crypto assets disclosed earlier in the month.
Related: Bitcoin bounces as Trump prepares to announce ‘negotiated’ Iran deal
Iran eyes Bitcoin-powered insurance scheme for Hormuz
As Cointelegraph reported, Iran is weighing a plan to monetize control of the Strait of Hormuz through a Bitcoin-based insurance model. A state document cited by Fars News Agency, an outlet closely affiliated with the Islamic Revolutionary Guard Corps, outlined a platform called “Hormuz Safe,” which would sell digital marine insurance paid in Bitcoin and settled on the blockchain, potentially generating over $10 billion in revenue for the country.
In early April, a spokesperson for Iran’s Oil, Gas and Petrochemical Products Exporters’ Union said certain ships would be able to pass through the strait provided that they pay a tariff of $1 per barrel of oil in Bitcoin.
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