US Treasury Seizes $1 Billion in Iranian Crypto Assets
In brief
- US Treasury seized $1 billion in Iranian cryptocurrency, Bessent announced
- Seizure doubles the $500 million disclosed in late April
- Operation Economic Fury launched March 2025 targets Iran's regime
- Some Iranian wallet owners may not yet know funds are gone
- Iran's monthly crypto siphoning estimated at $400–$500 million before intervention
Operation Economic Fury
Bessent said the seizures are part of Operation Economic Fury, a US financial pressure campaign against Iran launched in March 2025. The operation has targeted Iranian assets across multiple fronts—seizing cryptocurrency, freezing bank accounts and confiscating properties—in coordination with European allies.
Bessent noted that some wallet owners may not yet realize their funds have been seized. The Treasury secretary said the Iranian regime had been siphoning $400 to $500 million a month before US intervention cut off those flows.
Iran's Economic Strain
The financial pressure appears to be taking effect. Bessent said inflation in Iran has likely surpassed 200%, and 40 to 50% of Iranian troops are not getting paid. These figures underscore how the asset seizures have constrained the regime's ability to fund military and civilian operations.
The earlier April disclosure had put the seized total at $344 million, making the $1 billion announcement a significant expansion of the publicly disclosed seizure figure.
Hormuz Safe Plan
Iran has been exploring alternative revenue streams. Iran is weighing a plan to monetize control of the Strait of Hormuz through a Bitcoin-based insurance model called Hormuz Safe, which would sell digital marine insurance paid in Bitcoin and settled on the blockchain, potentially generating over $10 billion in revenue. The proposal reflects Iran's pivot toward cryptocurrency as a workaround to traditional financial sanctions.
