US Treasury Secretary Scott Bessent Announces Seizure of Nearly $500 Million in Iranian Cryptocurrency Amid Operation Economic Fury
April 29, 2026 – Washington D.C. – In a recent appearance on Fox Business’ “Kudlow” program, U.S. Treasury Secretary Scott Bessent provided an in-depth update on the ongoing maximum economic pressure campaign against Iran, dubbed Operation Economic Fury. The operation, launched in March 2025 under orders from former President Donald Trump, aims to cripple Tehran’s financial networks through a combination of asset seizures, sanctions, and international diplomatic pressure.
Nearly $500 Million in Iranian Crypto Assets Seized
Secretary Bessent revealed that the Treasury Department has successfully seized nearly $500 million in Iranian cryptocurrency assets as part of the campaign. These assets, he emphasized, are being held on behalf of the Iranian people, not the regime. “We are freezing bank accounts everywhere,” Bessent stated. “More importantly, we are making people less willing to deal with the regime. The retirement funds, overseas villas, and other assets they thought they had beyond Iran—these are being frozen and tracked down.”
The Treasury’s aggressive approach targets the regime’s financial lifelines by working with foreign governments and warning banks and industries worldwide against engaging in transactions with Iran. Bessent noted that the campaign’s impact on Iran’s largest financial institutions has been severe, contributing to the collapse of the nation’s largest bank in December and triggering a currency crisis marked by a drastic devaluation of the Iranian rial by 60 to 70 percent against the U.S. dollar.
Operation Economic Fury: A Multi-Faceted Assault
The operation combines multiple tactics:
- Freezing Iranian assets worldwide, including crypto assets and physical properties.
- Applying secondary sanctions on countries and industries buying Iranian oil.
- Enforcing a naval blockade on strategic Iranian ports around the Strait of Hormuz to disrupt oil exports.
“The port at Kharg Island is at a virtual standstill in terms of loadings,” Bessent detailed, warning that Iranian oil storage is nearing capacity. “They’ll have to start capping their wells, which will lead to permanent problems.”
Strategic Goals: Undermining Iran’s Military and Proxy Funding
The broader objective of the U.S. economic campaign is to diminish Tehran’s capacity to finance its military operations and support proxy groups worldwide, including Hezbollah and Hamas. “The regime won’t be able to pay their soldiers, and equally important, is they won’t be able to fund their proxies,” Bessent explained. “One of President Trump’s goals was to stop Iran’s ability to project terrorist power around the world.”
Intensifying Pressure Amid Stalled Negotiations
Despite ongoing negotiations between the U.S. and Iran, Secretary Bessent confirmed that the Treasury Department has been ordered to intensify economic pressure further. “President Trump told me three weeks ago to up the pressure again,” he said. This includes issuing warnings to buyers of Iranian oil that they face potential secondary sanctions on their banks and industries if they continue such transactions.
“The economic pressure campaign, coupled with the naval blockade on the Strait of Hormuz, aims to inflict lasting damage on Tehran’s economy,” Bessent said. “We are sprinting toward the finish line of this operation.”
The Road Ahead
With the U.S. maintaining a strong stance on economic restrictions and naval enforcement, the Iranian regime faces mounting challenges that have plunged the nation into what Treasury Secretary Bessent describes as a “crisis.” The pressure campaign is expected to continue in the near term, signaling that Washington is committed to curtailing Iran’s economic capabilities and geopolitical influence through persistent financial and strategic means.
For continued updates on Operation Economic Fury and related international policies, stay tuned to Fox Business.