- Treasury officials say Iranian-linked cryptocurrency holdings have been brought under US control.
- The action forms part of a multi-pronged strategy aimed at disrupting financial channels tied to Tehran.
- Bessent says authorities have intensified efforts against assets allegedly linked to sanctions evasion.
American authorities have seized approximately US$1 billion (AU$1.39 billion) worth of cryptocurrency connected to Iran, Treasury Secretary Scott Bessent revealed, describing the action as one of the latest steps in a broader financial pressure campaign.
Bessent made the disclosure during remarks at the 2026 Reagan National Economic Forum, where he said the US had taken possession of crypto wallets linked to Iran. He later repeated the claim in a television interview, stating that officials had “grabbed the wallets”.
The Treasury secretary alleged that Iran had been obtaining between US$400 million and US$500 million per month (AU$556 million to AU$695 million) through sanctions-evasion activities before US intervention disrupted those revenue flows. He said the funds represented money taken from the Iranian people.
The seizure is part of Operation Economic Fury, a programme launched in March 2026 that seeks to limit Tehran’s access to capital by targeting cryptocurrency holdings, bank accounts and overseas assets.
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Widening Pressure Beyond Crypto
According to the Treasury Department, the wider campaign has included action against shadow banking networks, organisations accused of supplying military components to Iran, and individuals allegedly involved in facilitating oil sales connected to Iran-backed militias.
Bessent also said the US and its partners were pursuing overseas real estate and other assets believed to be proceeds diverted from the Iranian population. He claimed the pressure campaign had contributed to worsening economic conditions in the country.
The latest estimate is significantly higher than the figure disclosed in April, when US authorities reported having seized nearly US$500 million (AU$695 million) in Iranian-linked crypto assets.
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