U.S. Treasury Secretary Scott Bessent Announces Nearly $500 Million in Iranian Cryptocurrency Seized Amid Operation Economic Fury
Washington, D.C., April 29, 2026 — In an exclusive appearance on Fox Business’s "Kudlow," U.S. Treasury Secretary Scott Bessent revealed that the United States has confiscated nearly $500 million in Iranian cryptocurrency assets as part of a broader economic campaign aimed at pressuring the Iranian regime. The initiative, dubbed Operation Economic Fury, has been described by Bessent as pushing Tehran into an unprecedented economic crisis.
Operation Economic Fury: The U.S. Economic Pressure Campaign
Operation Economic Fury is a comprehensive U.S. government effort to dismantle Iran’s financial infrastructure by freezing assets, seizing funds, and exerting diplomatic pressure on foreign nations to sever economic ties with Tehran. Launched in March 2025 at the direction of then-President Donald Trump, the campaign targets Iranian bank accounts, assets stored abroad, and illicit financial networks, effectively tightening the noose around the Iranian regime’s financial lifelines.
“We are freezing bank accounts everywhere,” Bessent stated. “More importantly, we are making people less willing to deal with the regime. The retirement funds and properties overseas—whether villas in the south of France or cryptocurrency holdings—are being seized and preserved for the Iranian people.”
The effort, which has been in progress for over a year, is described as reaching a critical phase. Bessent emphasized that the Treasury Department is “sprinting” toward the operation’s completion, with recent escalations aimed at intensifying economic isolation of Iran.
Impact on Iran’s Economy and Currency
According to Secretary Bessent, the campaign’s economic squeeze contributed to a financial meltdown in Iran by late 2025, coinciding with the collapse of the nation’s largest bank in December of that year. This event triggered severe inflation and a steep currency devaluation, with the Iranian rial losing approximately 60 to 70 percent of its value against the U.S. dollar.
“That collapse created massive inflation and a currency crisis,” Bessent explained. “Iran is in dire straits financially, and the pressure is mounting daily.”
Escalating Sanctions and Naval Blockade
President Trump, Bessent noted, recently ordered an increase in sanctions pressure and tougher measures against buyers of Iranian oil. The Treasury Department has issued warnings to companies and nations purchasing Iranian oil, signaling willingness to impose secondary sanctions that could impact entire industries and financial institutions interconnected with the illicit transactions.
Moreover, Operation Economic Fury is being complemented by a U.S. naval blockade focused on key Iranian ports in the strategic Strait of Hormuz. Bessent highlighted that activity at Kharg Island, Iran’s principal oil export terminal, has essentially come to a halt due to the blockade and sanctions.
“The port at Kharg Island is at a virtual standstill,” he said. “Storage tanks will soon be full, forcing Iran to potentially cap oil wells, which leads to long-term damage to their oil production capabilities.”
Strategic Goals: Undermining Iran’s Military and Proxy Networks
The Treasury Secretary emphasized that the broader goal of Operation Economic Fury is to reduce Iran’s ability to fund its military operations and proxy groups across the globe, including Hezbollah and Hamas. By crippling Tehran’s financial capacity, the U.S. aims to curtail Iran’s influence and capacity for terrorism.
“The regime won’t be able to pay their soldiers or fund their proxies,” Bessent said. “Stopping Iran’s projection of terrorist power is one of President Trump’s key objectives.”
Ongoing Campaign Amid Stalled Negotiations
Despite ongoing diplomatic negotiations between the U.S. and Iran stalling, Treasury Secretary Bessent affirmed that economic pressure will continue unabated. The U.S. plans to maintain sanctions and the naval blockade to keep Iran’s economy under strain until strategic demands are met.
“We are going to continue this — the economic pressure as well as the blockade on the Strait of Hormuz,” Bessent concluded.
Operation Economic Fury represents one of the most aggressive economic campaigns ever mounted by the United States against Iran, signaling a sustained commitment to isolating Tehran financially and politically in an effort to reshape regional security dynamics.
This story is developing. For continued updates, stay tuned to Fox Business.