US Plans to Seize $1 Billion in Crypto Linked to Iran This Week
US targeting another billion dollars in Iranian crypto assets
The US Treasury Department plans to seize approximately $1 billion in cryptocurrency linked to Iran this week, Treasury Secretary Scott Bessent said on October 9.
Bessent made the comment at the Newsmax Policy Summit, telling host Greta Van Susteren that the country was "probably gonna seize a billion dollars of crypto this week" as part of its crackdown on Iranian financial networks.
The planned seizure is part of broader US sanctions against Iran, which the US considers a key player in a military conflict that began in February 2026.
What Bessent said about the operation
"We know where it is, and we are isolating them," Bessent said, adding that the effort was part of a strategy to economically cut off Iran. He did not specify whether the assets were held on particular exchanges or were frozen through stablecoin issuers.
Earlier in the year, in an April interview, Bessent said authorities had already seized $500 million in crypto tied to Iran, according to Cointelegraph reporting.
Background on enforcement actions
In August, the Treasury Department's Office of Foreign Assets Control (OFAC) announced it was targeting cryptocurrency exchanges that facilitate fund transfers to Iran's Islamic Revolutionary Guard Corps (IRGC). At the time, Bessent said the US planned to increase economic pressure on Iran by focusing on financial networks funding the regime "in dollars, rials, or crypto." A dollar-pegged stablecoin like USDT (Tether) operates on blockchain networks and is commonly used to move value across borders quickly.
Stablecoin issuer Tether reported in September that it had frozen $550 million worth of USDT in 2026 as part of US sanctions enforcement on Iran, including $344 million frozen in April alone.
Why these seizures matter
The seizures represent a significant escalation in US efforts to enforce sanctions on Iran through the cryptocurrency space. By targeting digital assets, the US is moving beyond traditional financial channels to disrupt funding networks that support Iran's military activities.
What happens next
Bessent indicated the seizures are expected to take place this week. No further details about the timeline or specific targets were provided.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.