The United States has taken control of around $1 billion in cryptocurrency linked to Iran, according to Treasury Secretary Scott Bessent, as part of a broader initiative to disrupt Tehran's funding sources.
In a recent interview on Fox Business, Bessent explained that U.S. authorities had effectively "grabbed the wallets" associated with Iran's crypto assets.
This action is part of "Operation Economic Fury," a governmental strategy designed to limit Iran's access to foreign revenue, financial systems, and digital asset frameworks.
A press release from the Treasury highlighted that the agency has tightened its grip on Iran's global shadow banking operations, sanctioned networks supplying military equipment to Iran, and designated a corrupt Iraqi official who has aided the sale of oil alongside Iran-aligned militias operating in Iraq.
Bessent noted that the pressure campaign has exacerbated economic difficulties in Iran, with reports of military personnel not receiving their salaries, police officers failing to fulfill their duties, and inflation rates soaring beyond 200%.
He mentioned that Iranian authorities have had to resort to issuing food vouchers and implementing internet blackouts as part of their response.
The Treasury Secretary also indicated that the U.S. and its allies are focusing on targeting overseas real estate and other assets, which he described as funds misappropriated from the Iranian populace. He added that prior to Treasury's efforts, Iranian officials were moving hundreds of millions of dollars monthly.