The United States has seized approximately $1 billion worth of cryptocurrency linked to Iran, Treasury Secretary Scott Bessent announced. The action is part of 'Operation Economic Fury,' a broader campaign to restrict Iran's access to overseas revenue, banking networks, and digital-asset infrastructure. Bessent stated that U.S. authorities 'grabbed the wallets' containing the crypto, marking a significant escalation in financial pressure against Tehran. The Treasury also cracked down on Iran's shadow banking networks, designated networks supplying weapons to Iran, and sanctioned a corrupt Iraqi official facilitating oil sales with Iran-backed militias. Bessent highlighted that the pressure campaign has worsened Iran's economic conditions, with inflation exceeding 200%, military personnel unpaid, and police officers failing to report for duty. Iranian authorities have resorted to food vouchers and internet shutdowns. The U.S. and partners are also targeting overseas real estate and other assets diverted from the Iranian people. Previously, Iran moved hundreds of millions of dollars monthly before Treasury intervention. The seizure underscores growing concerns over Iran's crypto shadow economy, estimated at $7.8 billion.

Key facts

• US seized ~$1B in crypto from Iran under Operation Economic Fury.
• Treasury Secretary Bessent confirmed authorities 'grabbed the wallets'.
• Operation targets Iran's overseas revenue, banking, and crypto infrastructure.
• Iran's inflation exceeds 200%; military and police unpaid.
• Previously, Iran moved hundreds of millions monthly before Treasury action.