US Treasury Plans $1 Billion Iran-Linked Crypto Seizure, Bessent Says
The US Treasury Department is preparing to seize approximately $1 billion in cryptocurrency linked to Iran, Treasury Secretary Scott Bessent said, describing the proposed action as part of the Trump administration's broader effort to restrict Tehran's access to financial resources. Bessent said authorities had identified the assets and expected the confiscation to take place within the week, although the Treasury has not announced a confirmed seizure date.
Bessent disclosed the planned operation during an interview with Greta Van Susteren at Newsmax's NPolicy Summit in Washington. According to Bessent, His remarks indicate another potential expansion of US cryptocurrency enforcement targeting financial networks associated with Iran.
US Treasury's Iran Crypto Seizure Plan
Bessent characterized the administration's approach as an "absolute isolation campaign," describing a broader effort to constrain Iran beyond the previous maximum pressure strategy. The measures he outlined include restrictions on international flights, blockades around the Strait of Hormuz and actions affecting Iran's neighboring land routes.
Cryptocurrency enforcement forms part of this wider campaign, with US authorities pursuing wallet seizures, asset freezes and sanctions involving digital asset networks linked to Iranian entities and organizations subject to American restrictions.
However, Bessent did not specify which cryptocurrency wallets would be targeted in the proposed operation. He also did not clarify whether the approximately $1 billion represents newly identified assets or includes holdings connected to seizures announced previously.
Previous US Crypto Seizures Involving Iran
The proposed operation follows several cryptocurrency enforcement actions reported by US officials during 2026. In May, Bessent said American authorities had confiscated approximately $1 billion in cryptocurrency connected to Iranian financial activities.
A subsequent Treasury announcement referred to nearly $500 million in earlier seizures, leaving uncertainty about how the reported amounts relate to one another and the cumulative value of assets confiscated.
Additional enforcement measures in July resulted in approximately $130 million in cryptocurrency holdings associated with sanctioned Iranian wallets being frozen. Blockchain analyst Specter linked the restrictions to four Tron addresses containing approximately $131 million in USDT that had been blacklisted by Tether.
The figures describe different reported enforcement actions and asset restrictions. The available information does not establish whether the amounts overlap or provide a definitive cumulative total for cryptocurrency seized or frozen in connection with Iran.
US Sanctions Target Iranian Cryptocurrency Exchanges
Washington has also expanded sanctions against cryptocurrency exchanges accused of facilitating transactions involving Iranian organizations subject to US financial restrictions. In September, authorities targeted BitBank over allegations involving substantial Bitcoin transfers to Iran's Islamic Revolutionary Guard Corps.
Investigators alleged that BitBank facilitated hundreds of millions of dollars in Bitcoin transfers between June and July. The allegations form part of broader US efforts to investigate digital asset channels suspected of supporting financial activity involving sanctioned Iranian entities.
Earlier actions in June targeted Nobitex, Wallex, Bitpin and Ramzinex. In August, enforcement measures extended to Shelbit and Aban Tether, according to the reported sequence of sanctions actions.
Uncertainty Remains Over the Planned Confiscation
Despite Bessent's statement that authorities had identified the cryptocurrency holdings, the Treasury has not publicly disclosed the wallets involved or confirmed when the proposed seizure will occur.
The lack of clarification over whether the planned $1 billion confiscation represents additional assets or previously reported holdings also leaves the overall scale of the enforcement campaign uncertain. Until the Treasury provides further details, the proposed operation cannot be conclusively reconciled with the cryptocurrency seizures and freezes announced earlier in 2026.
Writer: Marcus RenfieldCrypto Market Analyst & Onchain WriterMarcus Renfield covers cryptocurrency markets with a focus on onchain data, Bitcoin price action, and emerging market narratives. His writing examines how capital flows, network activity, and broader market structure influence short- and medium-term trends.He aims to provide clear, data-informed analysis for readers seeking a deeper understanding of crypto market dynamics.