U.S. says it seized about $1 billion in Iranian crypto as pressure campaign expands
The seizure, falling under “Operation Economic Fury,” aims to restrict Iran’s access to overseas revenue, banking networks, and crypto infrastructure.
What to know:
- The U.S. seized about $1 billion in cryptocurrency tied to Iran as part of a campaign to cut off funding channels used by Tehran.
- The seizure, falling under “Operation Economic Fury,” aims to restrict Iran’s access to overseas revenue, banking networks, and crypto infrastructure.
- Treasury Secretary Scott Bessent linked the pressure campaign to Iran’s worsening economy, citing over 200% inflation and unpaid military personnel.
He said the effort falls under Operation Economic Fury, an administration initiative aimed at restricting Iran’s access to overseas revenue, banking networks and digital-asset infrastructure.
“In addition, Treasury has cracked down on Tehran’s global shadow banking networks; designated networks supplying weapons and other military components to Iran; sanctioned a corrupt Iraqi official who has facilitated the sale of oil along with Iran-backed militias operating in Iraq,” a press release from the Treasury reads.
Bessent said the pressure campaign had contributed to worsening economic conditions in Iran. He added that large numbers of military personnel were not being paid, police officers were failing to report for duty, and inflation had exceeded 200%.
He also said Iranian authorities had resorted to food vouchers and internet shutdowns.
