The United States Treasury Department says it has seized nearly $1 billion in cryptocurrency assets linked to Iran, marking a significant escalation in Washington’s efforts to disrupt financial networks associated with the country.

The announcement was made by US Treasury Secretary Scott Bessent, who stated that authorities had taken control of cryptocurrency wallets connected to Iranian entities as part of a broader economic pressure campaign. Speaking during the Reagan National Economic Forum, Bessent said the government had “seized about a billion dollars” in crypto assets and claimed some holders may not yet realize the wallets had been taken over.

The latest figure represents a substantial increase from previous estimates. In April, Bessent stated that the United States had seized nearly $500 million in Iranian linked crypto assets. The newer estimate suggests enforcement actions have expanded significantly in recent weeks.

According to Treasury officials, the seizures are part of Operation Economic Fury, a sanctions and asset enforcement campaign designed to restrict Iran’s access to financial resources. The initiative includes cryptocurrency asset seizures, sanctions on individuals and companies, and actions targeting networks accused of helping Iran bypass international restrictions.

US authorities have increasingly focused on the use of digital assets in sanctions evasion. Investigators and blockchain analytics firms have reported growing cryptocurrency activity linked to Iranian networks, including transactions involving exchanges, stablecoins, and cross border payment systems.

While officials stated that nearly $1 billion has been seized, specific details regarding the assets have not been fully disclosed. Treasury representatives did not identify which cryptocurrencies were involved or explain the operational methods used to obtain control of the wallets.

The announcement has also renewed discussion within the crypto industry regarding asset custody and wallet control. Some market participants noted that certain digital assets, particularly centralized stablecoins, can be frozen or restricted through issuer controls, while others questioned how authorities gained access to the wallets referenced by Treasury officials.

The enforcement action reflects broader efforts by governments to monitor and regulate cryptocurrency flows connected to sanctioned entities. As regulators increase oversight of digital asset markets, crypto infrastructure providers continue facing pressure to strengthen compliance measures and monitoring systems.

The seizure represents one of the largest publicly reported cryptocurrency enforcement actions involving Iran and highlights the growing role of digital assets within international sanctions enforcement efforts.