The United States has seized nearly USD 1 billion worth of Iranian cryptocurrency assets and intensified efforts to freeze overseas properties and financial holdings linked to Tehran, US Treasury Secretary Scott Bessent said on Friday, claiming the pressure campaign has pushed Iran into a deep financial crisis.
The comments come at a time when Washington is trying to squeeze Iran economically while keeping diplomatic channels open, even as tensions remain high after recent military action in the region. The Trump administration has framed the measures as part of a broader strategy to cut off Tehran’s access to funds and weaken its financial networks.
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Speaking during an appearance on Fox Business‘ Kudlow at the Reagan National Economic Forum, Bessent said US authorities had directly taken control of cryptocurrency wallets linked to Iran.
“We have seized about a billion dollars of their crypto. Just outright grabbed the wallets,” he said.
Bessent argued that a combination of military operations and economic measures had significantly eroded Iran’s financial capacity.
“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,” he said.
According to him, the administration’s sanctions drive, known as “Operation Economic Fury”, has targeted Iranian financial channels through asset seizures, frozen bank accounts and coordination with international partners since its launch in March 2025.
The Treasury Secretary claimed Iran was facing growing economic distress, alleging that many members of the country’s security apparatus were not being paid and that inflation had risen sharply. He also accused Iranian authorities of distributing food vouchers and restricting internet access as economic pressures mounted.
Bessent said Washington was also working with European allies to identify and seize overseas assets allegedly linked to Iranian officials.
“We are working with our allies all over Europe to grab villas and houses and properties,” he said, adding that the assets represented “money that’s stolen from the Iranian people.”
He further alleged that Iranian leaders had previously diverted between USD 400 million and USD 500 million every month before US actions disrupted those financial flows.
Bessent comments on negotiations with Iran
Addressing ongoing talks between Washington and Tehran, Bessent said the US was now engaging with a different layer of Iranian leadership following recent military action.
“We did not have regime change, but we changed the regime,” he said.
Bessent claimed that senior levels of Iran’s leadership structure had been removed, leaving US negotiators to deal with what he described as a third tier of officials.
He also characterised Iran’s power structure as divided between the country’s clerical establishment and the Islamic Revolutionary Guard Corps (IRGC), saying any negotiations would require engagement with both centres of influence.
“And it’s very tough because, on one side, we have a theocracy with the clerics. On the other side, we have a thug autocracy with the IRGC. And you’ve got to convince both sides,” he said.
Gulf cooperation increased after regional attacks, says Bessent
Bessent also claimed that Iran’s attacks on countries in the Persian Gulf had led Gulf nations to work more closely with Washington on financial enforcement efforts.
According to him, several Gulf Cooperation Council (GCC) countries became more willing to share information about Iranian-linked banking and oil-related activities following the attacks.
“They made my job so much easier because before, many of our great GCC Gulf allies were a little less than transparent about their banking system,” Bessent said.
The Treasury Secretary maintained that greater regional cooperation had strengthened the US campaign to track and disrupt Iranian financial networks.
