US seized $1 billion in Iranian crypto assets, 'outright grabbed the wallets': Bessent

US Treasury Secretary Scott Bessent said that the US has "outright grabbed the wallets" worth $1billion in Iranian cryptocurrency assets as part of Washington's economic pressure campaign against Tehran. While speaking on Fox Business' "Kudlow" during the Regan National Economic Forum, Bessent said that US sanctions and seizure efforts under the “Operation Economic Fury” have pushed Iran into a financial crisis.

"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…they are at the end of their tether now financially,"

The figure represents the total seized amount, not a single new activity. This includes a $344 million freeze of Tether (USDT) on the Tron blockchain in late April 2026, followed by a total of nearly $500 million reported later that month. "We have seized about a billion dollars of their crypto," he told FOX Business. "Just outright grabbed the wallets. Some of them may be typing in right now and might not realise their wallet had been grabbed."

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Operation Economic Fury

The effort was launched in March 2025 and has crippled Tehran's financial lifelines by seizing Iranian assets, bank accounts and pressuring foreign governments to cut ties with the nation. "We are working with our allies all over Europe to grab villas and houses and properties," Bessent claimed. "And this is money that's stolen from the Iranian people." Iran has historically utilised stablecoins to move hundreds of millions of dollars per month to evade traditional oil and military sanctions.

"We did not have regime change, but we changed the regime," Bessent said. "The first level leaders were decapitated, the second level decapitated. So, we're dealing with the third level." He elaborated that there are two sets of authorities: on one side, the clerical hierarchy, and on the other, the IRGC. He further added that Iran has isolated itself by targeting the GCC states, which were supposedly more open now to disclosing financial ties linked to Iranian oil.