US Treasury Plans to Seize $1B in Iranian Crypto Assets

Treasury Targets $1 Billion in Iranian Crypto

U.S. Treasury Secretary Scott Bessent announced plans to seize approximately $1 billion in cryptocurrency linked to Iran. The announcement came during remarks at Newsmax’s NPolicy Summit in Washington, D.C., where Bessent asserted the success of economic sanctions against the country.

Iran has reportedly turned to Bitcoin and other cryptocurrencies to circumvent U.S. sanctions. The U.S. began targeting crypto wallets associated with the Iranian regime in April. Bessent emphasized the unprecedented nature of these actions, describing a shift from “maximum pressure” to “absolute isolation.”

While Bitcoin’s censorship-resistant nature makes direct freezing of funds difficult, especially if held in self-custody, the Treasury’s focus appears to be on cryptocurrencies susceptible to seizure, such as Tether’s USDT. Bessent previously indicated that seized Iranian crypto had been held in stablecoin form.

Recent activity shows Iran exploring Bitcoin for international trade. Earlier this year, the country launched a bitcoin-backed insurance service for its shipping companies, and the central bank encouraged citizens to utilize crypto for economic support. These moves prompted a renewed focus from the U.S. government, with President Donald Trump reinstating a “maximum pressure” campaign in February 2025, targeting Iran’s financial networks.

Source: Bitcoin Magazine