U.S. Signals $1 Billion Crypto Seizure: Bessent Says “We Know Where It Is”

U.S. Treasury Secretary Scott Bessent said officials would likely seize nearly $1 billion in Iran-linked crypto assets this week and that they know where the assets are.

Speaking with Greta Van Susteren at the Newsmax NPolicy Summit in Washington on Thursday, October 8, Bessent described the potential seizure as part of a campaign to economically isolate Iran.

The secretary said, “We will likely seize a billion dollars in crypto this week,” adding, “We know where it is.” The statement did not clarify whether the targeted amount is in addition to previously announced seizures.

Previous statements cited different amounts

In May, Bessent said the U.S. had seized approximately $1 billion in Iran-linked crypto. However, a Treasury announcement published shortly after that statement put the earlier estimate at approximately $500 million.

In July, it was announced that approximately $130 million had been frozen as a result of sanctions targeting wallets. On-chain analyst Specter linked the action to four Tron addresses blacklisted by Tether, which held approximately 131 million USDT.

For this reason, it is not possible to calculate the total amount seized by adding the $1 billion in the latest statement to the previous amounts.

Sanctions on seven Iranian crypto exchanges

Since June, the U.S. Treasury has sanctioned seven Iran-linked crypto exchanges. Nobitex, Wallex, Bitpin, and Ramzinex were targeted in June, followed by Shelbit and Aban Tether in August.

BitBank, added to the list in September, was alleged to have transferred hundreds of millions of dollars in Bitcoin to Iran’s Islamic Revolutionary Guard Corps in June and July.

Bessent described the move against crypto assets as part of a broader isolation policy that he said includes a blockade in the Strait of Hormuz, restrictions on international flights, and the severing of Iran’s land connections with its neighbors.