US Treasury Secretary Bessent Announces $1 Billion in Crypto Seized from Iran

U.S. Treasury Confirms Major Cryptocurrency Seizure

U.S. Treasury Secretary Scott Bessent announced on Friday that approximately $1 billion in cryptocurrency has been confiscated from Iranian entities, particularly those linked to the Islamic Revolutionary Guard Corps (IRGC). The seizure highlights ongoing efforts by the U.S. to disrupt financial operations of Iran’s military, which has increasingly turned to Bitcoin for various transactions.

During his speech at the Reagan National Economic Forum in Simi Valley, California, Bessent remarked that individuals who owned these digital assets might be unaware that their funds had been seized. "I believe that we have seized about $1 billion of their crypto... Some of them may be typing in right now, and they might not have realized that their wallet had been grabbed," he stated in an interview with Fox Business Network.

This move comes amid heightened tensions in the Strait of Hormuz, a critical shipping route for global oil transit, where Iranian-linked actors have reportedly utilized Tether's USDT stablecoin to facilitate financial transactions. Bessent's comments also coincide with reports suggesting that the U.S. and Iran might be approaching a preliminary deal aimed at reducing economic strain, pending approval from President Trump.

Furthermore, Iranian media has indicated that the IRGC is backing a Bitcoin-based maritime insurance project named Hormuz Safe. There are indications that Iran plans to require oil tankers using the strait to pay transit fees in Bitcoin, as these payments are considered difficult to trace or seize under current sanctions.

While Bessent did not directly link the cryptocurrency seizures to Iran's proposed payment schemes, the U.S. government's actions indicate a strong stance against Iran's use of digital currencies for circumventing sanctions. Additionally, reports have surfaced regarding scammers impersonating Iranian officials to target shipping companies with fraudulent Bitcoin payment requests, raising further concerns about the use of cryptocurrency in illicit activities related to Iran.