Bessent Says US May Seize $1 Billion in Iran-Linked Cryptocurrency This Week

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The US is moving to seize about $1 billion in cryptocurrency as it tightens sanctions on Iran.

Cointelegraph reported on October 9 that Treasury Secretary Scott Bessent told the Newsmax Policy Summit there is a strong possibility the US will seize about $1 billion in cryptocurrency linked to Iran this week.

In an interview with Newsmax anchor Greta Van Susteren, Bessent said the US has identified where the assets are and is isolating them. He described the effort as part of a strategy to cut Iran off economically. He did not disclose the exchanges involved or the entities holding the assets in custody. He also did not say whether the freeze would be carried out through stablecoin issuers.

The US has continued to target financial networks with sanctions since military clashes with Iran began in February. In August, the Treasury Department's Office of Foreign Assets Control added cryptocurrency exchanges that supported fund transfers for Iran's Islamic Revolutionary Guard Corps, or IRGC, to its sanctions list. At the time, Bessent said the US would intensify economic pressure on financial networks that supply the Iranian regime with funds in dollars, rials and cryptocurrencies.