US Plans to Seize $1 Billion in Iran-Linked Crypto, Treasury Secretary Says

Highlights:

• US Treasury Secretary Scott Bessent says authorities expect to seize about $1 billion in Iran-linked cryptocurrency this week.
• Bessent says US authorities have located the crypto assets, but officials have not confirmed any seizure yet.
• The planned crypto seizure is part of Washington’s broader effort to restrict Iran’s oil revenue and financial networks.

U.S. Treasury Secretary Scott Bessent says the United States expects to seize about $1 billion in Iran-linked cryptocurrency this week. The planned action is part of the Trump administration’s campaign to restrict Tehran’s access to international financial networks. However, officials have not confirmed that the funds have been seized.

Bessent made the remarks on October 8, 2026, during an interview with Greta Van Susteren at Newsmax’s NPolicy Summit in Washington. According to a Newsmax report published on October 9, he said authorities had identified the cryptocurrency assets and were working to isolate them.

BREAKING: US has now seized over $1 billion of crypto belonging to Iran, double the $500 million seized in April pic.twitter.com/5YAYZKL7SW

— Kalshi (@Kalshi) October 9, 2026

Scott Bessent Says US Has Located $1 Billion in Iranian Crypto

Bessent said the administration is expanding financial pressure on Iran by targeting cryptocurrency holdings alongside traditional revenue sources. “We’re probably gonna seize a billion dollars of crypto this week,” Bessent said. “We know where it is and we are isolating them.”

He described the broader strategy as an “absolute isolation campaign,” which includes restrictions on Iranian oil shipments, international flights and land routes. “We did have a maximum pressure campaign. Now we have an absolute isolation campaign, and it’s working,” Bessent said. However, the Treasury Secretary did not identify the cryptocurrency wallets, tokens or exchanges involved in the planned seizure. He also did not explain whether the $1 billion represents newly identified funds or assets previously targeted by US authorities.

US Expands Crypto Enforcement Against Iran

The latest announcement follows several US actions against cryptocurrency networks allegedly helping Iran bypass economic sanctions. On September 14, the US Department of Justice announced a civil forfeiture case involving approximately $61 million in cryptocurrency linked to alleged illegal Iranian oil sales.

Federal prosecutors said a network involving Chinese companies Blessed Trust and Hexa Whale helped move proceeds from sanctioned oil transactions through cryptocurrency accounts. According to the complaint, connected wallet addresses received and distributed more than $1.5 billion in alleged illicit oil proceeds. Prosecutors linked some of the transactions to Iran’s Islamic Revolutionary Guard Corps (IRGC).

The allegations remain subject to court proceedings, and the forfeiture complaint does not establish criminal liability. Meanwhile, the US Treasury has also sanctioned Iranian cryptocurrency exchanges and wallet networks accused of facilitating restricted financial transactions. These measures aim to prevent sanctioned entities from accessing digital assets and moving funds through cryptocurrency platforms.

Treasury Targets Iranian Oil Revenue Under Economic Campaign

Alongside its cryptocurrency enforcement efforts, the Treasury Department announced new sanctions on October 8 against 17 vessels involved in transporting Iranian oil and petrochemical products. The action falls under Operation Economic Outcast, a campaign designed to restrict Iran’s revenue from oil sales and other international transactions.

Treasury said the targeted vessels had transported millions of barrels of Iranian petroleum products to markets across Asia. The administration is now pursuing cryptocurrency assets as another part of its financial restrictions on Tehran. However, authorities have not released transaction records or confirmed that Bessent completed its proposed $1 billion seizure.