Key Takeaways
U.S. Treasury Secretary Scott Bessent stated that authorities will soon seize $1 billion in crypto from Iran.
According to reporting by Bitcoin Magazine, U.S. Treasury Secretary Scott Bessent announced that American authorities will soon seize $1 billion in cryptocurrency from Iran. Speaking at Newsmax’s NPolicy Summit in Washington, D.C., Bessent stated that economic sanctions are working, asserting that authorities know the location of the funds.
Iran has utilized bitcoin and other cryptocurrencies to bypass U.S. sanctions, with the U.S. targeting regime-linked crypto wallets starting in April. Bessent did not disclose the specific cryptocurrencies or the seizure methods. While bitcoin is censorship-resistant and difficult to freeze unless held on a centralized exchange, other assets like Tether's USDT can be frozen. Bessent previously noted prior seizures of Iranian crypto in the form of stablecoins.
Reports indicate Iran has used bitcoin for a shipping insurance service and to settle cross-border transactions through crypto exchanges. U.S. President Donald Trump revived the maximum pressure campaign, and a February 2025 national security memorandum directed the Treasury to target shadow banking, money laundering, and sanctions-evasion networks.
Source & Fact-Check Note
https://bitcoinmagazine.com/news/treasury-to-seize-one-billion-of-iran-crypto
