Scott Bessent announces US to confiscate $1B in Iranian-linked cryptocurrency imminently

Scott Bessent announces US to confiscate $1B in Iranian-linked cryptocurrency imminently

During a Thursday conference appearance, Scott Bessent indicated the United States would "probably" confiscate digital currency connected to Iran before the week concludes.

Treasury Secretary Scott Bessent of the United States indicated that American authorities were "probably gonna seize a billion dollars of crypto this week" as an element of ongoing enforcement actions targeting Iran.

During his appearance at Thursday's Newsmax NPolicy Summit, Bessent explained that the anticipated confiscation of digital currency was connected to US sanctions imposed on Iran in response to the nation's latest military conflict, which commenced in February. The Treasury Secretary did not provide details regarding whether the targeted digital assets were held at particular cryptocurrency exchanges or if the action involved cooperation from companies that issue stablecoins.

"We know where it is, and we are isolating them," said Bessent to Newsmax's Greta Van Susteren. The Treasury Secretary further noted that this action represented a component of a broader approach aimed at economically isolating Iran.

In August, the Treasury Department's Office of Foreign Assets Control, or OFAC, disclosed that it was taking aim at cryptocurrency exchanges that were enabling the movement of funds to Iran's Islamic Revolutionary Guard Corps. At that juncture, Bessent stated that the US intended to "increase the economic pressure" on Iran, with particular emphasis on financial networks providing funding to the country's regime "in dollars, rials, or crypto."

During an interview conducted in April, the US Treasury Secretary put forward a comparable assertion, indicating that American authorities had confiscated $500 million of cryptocurrency with ties to Iran. In September, Tether, a company that issues stablecoins, disclosed that it had frozen $550 million worth of USDt (USDT) throughout 2026 as part of US authorities' sanctions on Iran, which included $344 million frozen in April alone.