Bessent: U.S. Set to Bag $1B in Crypto From Iran This Week 💼

The U.S. Treasury plans to seize approximately $1 billion in cryptocurrency tied to Iran this week, Treasury Secretary Scott Bessent said Thursday at the Newsmax NPolicy Summit. Speaking with Newsmax's Greta Van Susteren, Bessent framed the seizure as part of ongoing sanctions enforcement following the military conflict with Iran that began in February. "We know where it is, and we are isolating them," Bessent said, without specifying whether the assets were held on exchanges or frozen by stablecoin issuers.

Bessent described the operation as a continuation of the Treasury's strategy to economically cut off Iran, including through digital asset networks. The Treasury Department's Office of Foreign Assets Control (OFAC) announced in August that it was targeting crypto exchanges facilitating fund transfers to Iran's Islamic Revolutionary Guard Corps. At the time, Bessent said the U.S. planned to "increase the economic pressure" on Iran's regime by going after financial networks "in dollars, rials, or crypto."

The planned $1 billion action builds on earlier enforcement tied to Iran. In an April interview, Bessent said authorities had already seized $500 million in crypto linked to the country. Stablecoin issuer Tether reported in September that it had frozen $550 million worth of USDt (USDT) tied to U.S. sanctions on Iran during 2026, including $344 million frozen in April alone.

Treasury officials have not yet disclosed which platforms, wallets, or token issuers are involved in this week's planned seizure, or whether the funds will be transferred to the U.S. government, returned to exchanges, or held pending further legal action. The announcement comes amid broader U.S. and allied efforts to target crypto rails used by sanctioned states, including a recent UK action sanctioning three crypto exchanges tied to Russian illicit funds.