US Treasury Targets $1 Billion in Iran-Linked Crypto for Seizure
Bessent says US will seize $1 billion in Iran-linked crypto
Treasury Secretary Scott Bessent announced that the United States is preparing to seize approximately $1 billion in cryptocurrency associated with Iran during the current week. Speaking at Newsmax's NPolicy Summit in Washington on Thursday, October 8, Bessent told reporter Greta Van Susteren that federal authorities know the location of the assets.
"We're probably gonna seize a billion dollars of crypto this week," Bessent said. "We know where it is and we are isolating them." Cryptocurrency refers to digital money stored in digital wallets — software addresses on a blockchain, which is a shared record of transactions.
Key numbers and claims
- Bessent described the seizure as likely ("probably") rather than confirmed.
- The targeted amount is roughly $1 billion in crypto assets.
- Treasury has sanctioned seven Iranian crypto exchanges since June 2026.
- Bessent did not name the specific wallets or addresses targeted.
- It remains unclear whether the $1 billion figure is separate from previously announced seizures.
Part of a wider isolation campaign against Iran
Bessent framed the crypto seizure as one element of what he called an "absolute isolation campaign" against Iran. Beyond cryptocurrency enforcement, he referenced measures including Strait of Hormuz blockades, restrictions on international flights, and closing off Iran's land routes with neighboring countries.
"We did have a maximum pressure campaign. Now we have an absolute isolation campaign, and it's working," he said.
Previous US actions against Iran-linked crypto
The Treasury's latest statement follows months of enforcement actions targeting Iranian cryptocurrency. In May, Bessent told reporters the US had seized about $1 billion in Iranian crypto, saying authorities "just outright grabbed the wallets." However, a Treasury release published shortly after cited a lower figure of nearly $500 million — a discrepancy that has not been resolved.
In July, the Treasury announced wallet sanctions that led to about $130 million being frozen. Onchain analyst Specter linked the action to four Tron addresses holding roughly $131 million in USDT, a stablecoin (a digital token pegged to the US dollar) issued by Tether, which had blacklisted those addresses.
On the exchange side, the US sanctioned seven Iranian crypto platforms: BitBank in September, Nobitex, Wallex, Bitpin, and Ramzinex in June, and Shelbit and Aban Tether in August. The BitBank sanctions alleged that the exchange moved hundreds of millions of dollars in bitcoin (BTC) to the Islamic Revolutionary Guard Corps between June and July.
What is confirmed and what is unclear
Confirmed: Bessent publicly stated a target of $1 billion in Iran-linked crypto for seizure this week, said authorities know where the assets are, and tied the action to a broader isolation strategy against Iran.
Unclear: Bessent did not identify the specific wallets targeted. He also did not clarify whether the $1 billion figure is additional to the amounts previously reported or overlapping with them. The earlier discrepancy between Bessent's May claim of roughly $1 billion in seizures and Treasury's subsequent figure of nearly $500 million also remains unexplained.
Why it matters
The seizure targets show the US Treasury actively using blockchain surveillance to locate and freeze digital assets tied to sanctioned countries. The broader isolation campaign underscores how cryptocurrency enforcement now fits into wider geopolitical and economic pressure strategies.
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.