US Treasury Secretary Scott Bessent said US authorities have seized approximately $1 billion in Iran-linked crypto assets, doubling the amount previously disclosed in late April. Speaking at the Reagan National Economic Forum, Bessent described the operation in broad terms, stating that authorities had effectively taken control of cryptocurrency wallets linked to Iranian interests. He did not provide technical details about how the assets were secured. The Treasury Secretary said the effort is part of Operation Economic Fury, a financial pressure campaign targeting Tehran that began in March 2025. US Expands Financial Pressure With $1 Billion Crypto Seizure According to Bessent, Operation Economic Fury extends beyond digital assets and includes the freezing of bank accounts and the confiscation of property in coordination with European allies. He described the campaign as highly effective, claiming it has significantly weakened Iran's financial position. The newly disclosed figure of $1 billion marks a sharp increase from previous public estimates. In late April, US officials reported the seizure of approximately $500 million in Iran-linked crypto assets. Earlier reports had referenced a figure closer to $344 million. Because cryptocurrency wallets are protected by strong cryptographic systems, experts generally consider direct cracking of wallet security to be virtually impossible. As a result, such operations typically rely on blockchain analysis, law enforcement investigations, cooperation from intermediaries, or actions involving centralized exchanges. Iran's Economy Remains Under Pressure Bessent argued that Iran's economic conditions have deteriorated significantly under the pressure campaign. He claimed inflation has surged, government support programs have expanded, and parts of the country's military infrastructure are facing financial strain. He also suggested that negotiations with Tehran have become more difficult due to divisions within the country's leadership following recent regional tensions. Iran Explores Bitcoin-Based Revenue Models While US authorities increase pressure on Iran's financial networks, Tehran appears to be exploring new ways to use digital assets. According to reports from Fars News Agency , a media outlet close to Iran's Islamic Revolutionary Guard Corps, officials are considering a platform called Hormuz Safe. The proposed system would offer digital insurance products for maritime vessels, with payments settled in Bitcoin and recorded on blockchain infrastructure. Supporters of the concept believe it could create a new source of revenue tied to shipping activity through the Strait of Hormuz, one of the world's most strategically important maritime routes. Earlier this year, a representative of the Iranian Petroleum Exporters Union reportedly suggested that vessels could be required to pay a Bitcoin-denominated fee tied to oil shipments passing through the strait. The developments highlight two competing trends. On one side, US authorities are demonstrating an increasing ability to target cryptocurrency assets connected to sanctioned entities. On the other, Iran appears to be searching for new blockchain-based mechanisms to generate revenue and reduce reliance on traditional financial channels.
