Bessent Says US May Seize $1 Billion in Iran-Linked Crypto This Week

The US is seeking to seize about $1 billion in cryptocurrency as it intensifies sanctions pressure on Iran.

Cointelegraph reported on October 10 that Treasury Secretary Scott Bessent said at a Newsmax policy summit that the US is likely to seize about $1 billion in Iran-linked crypto this week.

In an interview with Newsmax anchor Greta Van Susteren, Bessent said US authorities have identified the assets and are isolating them. He described the move as part of a strategy to cut Iran off economically. He did not disclose the exchange or custodian involved. He also did not say whether the assets would be frozen through a stablecoin issuer.

The US has continued imposing sanctions targeting financial networks since military clashes with Iran began in February. In August, the Treasury Department's Office of Foreign Assets Control added cryptocurrency exchanges that supported fund transfers for Iran's Islamic Revolutionary Guard Corps to its sanctions list. At the time, Bessent said the US would intensify economic pressure on financial networks that provide funding to the Iranian regime, including through dollars, rials and cryptocurrency.

Seizures and freezes of Iran-linked crypto assets have also been carried out before. In an interview in April, Bessent said the US had seized $500 million in related crypto assets.

Tether said in September that it had frozen a total of $550 million worth of USDT this year in cooperation with US sanctions on Iran. Of that amount, $344 million was frozen in April. It has not been disclosed whether the assets Bessent referred to overlap with previously seized or frozen holdings.