Treasury Secretary Scott Bessent recently revealed that the United States has seized $1 billion worth of crypto assets tied to the Iranian government. This figure has continued to rise amid the ongoing conflict between the two nations.
Operation Economic Fury Sends Iran Into Crisis: US Treasury Secretary
Earlier in the month, Bessent disclosed that the US government had confiscated $500 million in Iranian crypto assets. On Friday, May 29th, barely a month later, Bessent announced at the Reagan National Economic Forum that this figure has now climbed above the $1 billion mark.
These crypto seizures form part of a broader strategy named “Operation Economic Fury,” which, according to Bessent, has squeezed the Iranian government into an economic crisis. The campaign, launched in April 2026, was said to be targeting Iran’s illegal oil smuggling networks, shadow financing, and “regional maritime extortion” around the Strait of Hormuz.
Bessent said at the conference:
I think between five and a half-six weeks of an incredibly successful military campaign, and then Operation Economic Fury, where we have really cut them off. And they are at the end of their tether now financially. I think 40 or 50% of the [Iranian] troops aren’t getting paid. Police aren’t reporting to the station. Inflation is probably over 200%. They’re having to give out food vouchers. They have turned off the internet.
According to the Treasury Secretary, their efforts have been aided by allies in Europe, who have helped with the seizure of villas and other properties believed to have been funded by money stolen from the Iranian people. Bessent revealed that the Iranian regime was stealing $400 to $500 million — shared among a group of leaders — every month.
This revelation comes after news that the United States and Iran have drafted a framework to extend their ceasefire by 60 more days, with the agreement awaiting US President Donald Trump’s approval. Despite Trump’s meeting with his national security team on Friday and claiming a “final determination” on Iran, recent reports suggest that the meeting ended without a final decision on a new deal.
One of the major talking points still holding up the agreement is the uncertainties around unfreezing the seized Iranian funds, including the crypto assets. While there is no suggestion that this would be the case for the seized Iranian digital assets, it is worth mentioning that Bessent had hinted at using seized crypto (specifically) to build up its strategic reserve rather than buying.
Crypto Market Cap Overview
As of this writing, the total cryptocurrency market cap stands at around $2.45 trillion, reflecting a 0.24% jump in the past 24 hours.
The total crypto market cap on the daily timeframe | Source: TOTAL chart on TradingView
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