The United States is preparing to seize roughly $1 billion in cryptocurrency tied to Iran, according to Treasury Secretary Scott Bessent, as the Trump administration escalates what it calls an "absolute isolation campaign." Speaking at Newsmax’s NPolicy Summit in Washington on Thursday, Bessent said: "We’re probably gonna seize a billion dollars of crypto this week. We know where it is and we are isolating them."
The reported enforcement action would be among the largest government cryptocurrency seizures on record. It is described as planned rather than completed, and official confirmation of the targeted blockchain networks and agencies involved has not yet been provided. The move is intended to tighten financial pressure on Iran alongside restrictions on Strait of Hormuz blockades, international flights, and land routes with neighboring countries.
The initiative follows months of U.S. actions against Iran-linked crypto activity. In May, Bessent said the U.S. had seized about $1 billion in Iranian crypto by "outright grabbing" wallets, though a later Treasury release cited a figure of nearly $500 million. In July, Treasury announced wallet sanctions that resulted in about $130 million being frozen. Onchain analyst Specter linked that action to four Tron addresses holding roughly $131 million in USDT that Tether subsequently blacklisted.
Washington has also sanctioned multiple Iranian cryptocurrency exchanges. In September, the Treasury targeted BitBank over allegations it moved hundreds of millions of dollars in bitcoin (BTC) to the Islamic Revolutionary Guard Corps between June and July. Earlier sanctions covered Nobitex, Wallex, Bitpin and Ramzinex in June, as well as Shelbit and Aban Tether in August.
Bessent did not clarify whether the newly cited $1 billion is additional to previously announced seizures. For bitcoin, the action reinforces the view that its transparent, auditable ledger makes large traceable holdings a liability for sanctioned actors, distinguishing it from privacy-focused alternatives.
