US naval vessel enforcing blockade near commercial freighter
Treasury Secretary Scott Bessent announced the U.S. has seized roughly $1 billion in Iranian cryptocurrency assets, signaling escalating economic warfare. The move comes as part of “Operation Economic Fury,” designed to cripple Iran’s financial infrastructure.
Speaking on FOX Business, Bessent stated, “We have seized about a billion dollars of their crypto. Just outright grabbed the wallets.” This action aims to intensify the economic pressure on the Iranian regime, which Bessent claims is nearing a breaking point.
Launched in March 2025, Operation Economic Fury involves seizing Iranian assets, freezing bank accounts, and pressuring foreign governments to sever ties with Iran. Bessent noted that the campaign has already had a significant impact, with reports suggesting that a substantial portion of Iranian troops aren’t receiving regular pay, police are not reporting for duty, and inflation is exceeding 200%. The regime has also reportedly resorted to distributing food vouchers and shutting down internet access.
The U.S. is also collaborating with European allies to seize villas, houses, and properties allegedly purchased with funds stolen from the Iranian people. Bessent highlighted that the Iranian regime was diverting $400 to $500 million monthly among its leaders before the Treasury Department’s intervention.
Bessent addressed the ongoing negotiations between the U.S. and Iran, noting that the U.S. is now dealing with the “third level” of Iranian leadership due to prior military actions. He characterized the situation as dealing with both a theocracy led by clerics and a “thug autocracy” represented by the IRGC, making negotiations particularly challenging.
Iran’s vulnerability has increased due to attacks on countries in the Persian Gulf, according to Bessent. He stated that these actions have made it easier for the U.S. to gain cooperation from GCC Gulf allies, who were previously less transparent about their banking systems and ties to Iranian oil.
Bessent also commended U.S. service members enforcing the naval blockade on Iranian ports in the Strait of Hormuz, emphasizing their commitment to the mission.
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