US Treasury Eyes $1 Billion Crypto Seizure Tied to Iran Sanctions

Treasury Secretary Scott Bessent has indicated that Washington will “probably” take control of roughly one billion dollars in cryptocurrency within the week. He made the remark on Thursday at the Newsmax Policy Summit, describing the move as part of the sanctions pressure on Iran during the conflict that began in February. Bessent did not say whether the targeted funds sit on particular exchanges or would be frozen with help from stablecoin issuers.

“We Know Where It Is”

Talking with Newsmax host Greta Van Susteren, Bessent said officials know where the assets are and are working to isolate the people holding them. He framed the effort as part of a wider plan to cut Iran off from the global financial system.

Earlier Seizures and Sanctions on Iran Crypto

This would not be the first action of its kind. In April, Bessent said US authorities had already seized about $500 million in crypto linked to Iran. In August, the Treasury’s Office of Foreign Assets Control targeted exchanges accused of moving money to Iran’s Islamic Revolutionary Guard Corps. At that point, Bessent promised to raise economic pressure on networks funding the regime in dollars, rials or crypto.

Tether’s Role in Freezing Iran-Linked USDT

Private companies are part of the picture too. Tether reported in September that it had frozen $550 million in USDT during 2026 at the request of US authorities enforcing Iran sanctions, including $344 million in April alone.