US plans to seize $1B in crypto linked to Iran this week: Scott Bessent
Reported by Cointelegraph · AI-assisted summary by ChikoCorp AI News Desk
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Summary
US Treasury Secretary Scott Bessent stated that the US is likely to seize around $1 billion in cryptocurrency this week as part of ongoing sanctions against Iran amid its recent military conflict. The seizure targets digital assets linked to Iran, though details on specific exchanges or stablecoin issuers involved were not provided. This effort is part of a broader US strategy to economically isolate Iran.
Why it matters
This development is significant as it reflects the US Treasury's increasing use of cryptocurrency seizures to enforce sanctions on Iran, potentially disrupting financial networks that fund the Iranian regime. The impact on crypto markets or users is not explicitly discussed in the source.
Key context
In August, the Treasury's Office of Foreign Assets Control (OFAC) targeted crypto exchanges facilitating fund transfers to Iran’s Islamic Revolutionary Guard Corps. Previously, Bessent mentioned a $500 million crypto seizure tied to Iran, and stablecoin issuer Tether reported freezing $550 million in USDt linked to sanctions on Iran since 2026.
Key numbers and entities
US Treasury Secretary Scott Bessent; US Treasury Department’s Office of Foreign Assets Control (OFAC); Iran; Islamic Revolutionary Guard Corps; Tether; $1 billion (expected seizure); $500 million (prior seizure claimed); $550 million (USDt frozen by Tether since 2026); $344 million (USDt frozen in April alone).
What remains unclear
The source does not specify which exchanges or stablecoin issuers are involved in the upcoming seizure, the exact mechanism by which the assets will be seized, or the detailed effects on the cryptocurrency market and Iranian financial operations.