US plans to seize $1B in crypto linked to Iran this week: Scott Bessent

Speaking at the Newsmax Policy Summit on Thursday, Bessent stated that the planned cryptocurrency seizure represents a direct continuation of aggressive US economic sanctions against Iran amid the ongoing military conflict that flared up in February. While outlining the administration’s aggressive posture toward illicit digital asset flows, Bessent did not clarify whether the targeted digital assets were concentrated on specific cryptocurrency exchanges or if the upcoming intervention was the result of direct cooperation with stablecoin issuers.

"We know where it is, and we are isolating them," Bessent told Newsmax host Greta Van Susteren during the summit appearance. He emphasized that the impending action forms a core pillar of a broader strategic initiative designed to systematically cut off Iran from the global financial system and neutralize its capacity to fund military operations and proxy networks through alternative financial channels.

The aggressive posture toward digital assets aligns closely with previous actions taken by the US Department of the Treasury. The Treasury Department’s Office of Foreign Assets Control, commonly known as OFAC, announced in August that it was actively targeting various cryptocurrency exchanges that facilitate the transfer of illicit funds directly to Iran’s Islamic Revolutionary Guard Corps. At the time of the August announcement, Bessent indicated that the United States intended to significantly increase economic pressure on Tehran, specifically focusing on complex financial networks that support the country’s regime across multiple currency types, operating seamlessly in traditional fiat currencies like dollars and rials, as well as decentralized cryptocurrencies.

The latest announcement follows a pattern of high-value cryptocurrency interventions by US authorities over the course of the year. The US Treasury Secretary made a remarkably similar claim during an interview in April, noting at the time that federal authorities had successfully seized $500 million in cryptocurrency assets tied directly to Iranian interests. These government-led efforts have also seen substantial private-sector cooperation. Major stablecoin issuer Tether reported in September that it had successfully frozen approximately $550 million worth of USDt throughout 2026 as a direct result of compliance efforts aligned with US authorities targeting Iranian sanctions evasion, which included a massive $344 million freeze executed in the month of April alone.

As the Treasury Department continues to tighten the noose around illicit financial networks utilizing blockchain technology, regulatory and law enforcement agencies globally are increasingly focusing on the intersection of digital assets and national security. The unfolding situation highlights the growing importance of crypto intelligence and blockchain forensics in modern economic warfare and sanctions enforcement.