Written by Amin Haqshanas , Staff Writer.Reviewed by Bryan O’Shea , Staff Editor.
Written by Amin Haqshanas , Staff Writer.
Reviewed by Bryan O’Shea , Staff Editor.
US has seized nearly $1 billion in Iranian crypto, Treasury secretary says
Latest NewsPublishedMay 30, 2026
US Seizes Nearly $1 Billion in Iranian Crypto Assets
The US has taken a significant step in its financial pressure campaign against Iran, seizing roughly $1 billion in Iranian crypto assets. This move is part of Operation Economic Fury, which aims to cut off Iran’s financial resources. According to Treasury Secretary Scott Bessent, some of the wallet owners may not even be aware that their funds have been seized.
The seizures are a result of the US’s efforts to disrupt Iran’s ability to use cryptocurrency to fund its activities. With the help of European allies, the US has been able to freeze bank accounts, confiscate properties, and seize cryptocurrency assets. This has dealt a significant blow to Iran’s economy, with inflation likely surpassing 200% and many citizens struggling to access basic necessities.
Impact on Iran’s Economy
The US intervention has had a profound impact on Iran’s economy, with the regime previously siphoning off $400 to $500 million a month. The seizures have also affected the country’s ability to pay its troops, with 40 to 50% of Iranian soldiers not receiving their salaries. As the situation continues to unfold, it’s clear that the US is committed to using all available tools to pressure Iran into changing its behavior.
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Related: Crypto markets shed $80B after fresh US strikes on Iran
Iran’s financial state is dire
The Treasury secretary said the regime had been siphoning $400 to $500 million a month and dividing the proceeds among roughly 80 leaders before the US intervened. He said inflation in Iran has likely surpassed 200%, food vouchers are being distributed, the internet has been shut down and 40 to 50% of Iranian troops are not getting paid.
Bessent also addressed ongoing negotiations with Iran, noting the complexity of dealing with a fractured leadership structure following US and Israeli strikes on senior regime figures.
The newly disclosed $1 billion figure is roughly double the $500 million in Iranian cryptocurrency assets the Treasury Department announced it had seized in late April, and much higher than the $344 million in seized crypto assets disclosed earlier in the month.
Related: Bitcoin bounces as Trump prepares to announce ‘negotiated’ Iran deal
Iran eyes Bitcoin-powered insurance scheme for Hormuz
As Cointelegraph reported, Iran is weighing a plan to monetize control of the Strait of Hormuz through a Bitcoin-based insurance model. A state document cited by Fars News Agency, an outlet closely affiliated with the Islamic Revolutionary Guard Corps, outlined a platform called “Hormuz Safe,” which would sell digital marine insurance paid in Bitcoin and settled on the blockchain, potentially generating over $10 billion in revenue for the country.
In early April, a spokesperson for Iran’s Oil, Gas and Petrochemical Products Exporters’ Union said certain ships would be able to pass through the strait provided that they pay a tariff of $1 per barrel of oil in Bitcoin.
Magazine: Guide to the top and emerging global crypto hubs — Mid-2026
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- Iran
- United States
- Sanctions
- Cryptocurrencies
- Regulation
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