US seizes nearly $1B in Iranian crypto assets
What's the story
The US has seized nearly $1 billion in Iranian cryptocurrency assets as part of "Operation Economic Fury," US Treasury Secretary Scott Bessent announced. The operation is part of an economic pressure campaign against Iran, which has been further compounded by military actions. Bessent said these measures have significantly weakened Iran's financial standing, leading to salary shortages and soaring inflation rates.
Strategy details
Operation Economic Fury
Launched in March 2025, Operation Economic Fury has targeted Iran's financial networks through asset seizures and bank account freezes. The operation also includes international cooperation to cut off Tehran's access to funds. "We are working with our allies all over Europe to grab villas and houses and properties," Bessent said, adding that this money was stolen from the Iranian people.
Financial diversion
Iranian leaders diverted $400 million-$500 million per month
Bessent alleged that Iranian leaders had been diverting between $400 million and $500 million per month until US intervention disrupted those revenue streams. He also claimed that many Iranian security personnel are not getting paid and inflation has skyrocketed. Amid these economic pressures, Bessent said, the Iranian government has started distributing food vouchers and limiting internet access.
Negotiation challenges
US-Iran negotiations amid military actions
Bessent spoke about the ongoing US-Iran negotiations, saying Washington is now dealing with a different leadership structure after recent military actions. "We did not have regime change, but we changed the regime," he said. He added that the Iranian political system is divided between clerics and the Islamic Revolutionary Guard Corps (IRGC), making negotiations difficult as both factions need to be convinced.
Regional cooperation
Gulf states' response to Iranian attacks
Bessent also said that Iran's attacks on countries in the Persian Gulf have backfired by prompting Gulf states to cooperate more closely with Washington on financial enforcement measures. He noted that after these attacks, Gulf Cooperation Council states were more willing to share information about Iranian-linked oil and financial activities.