US Treasury Secretary Scott Bessent said the United States will “probably” seize $1 billion in cryptocurrency connected to Iran this week, describing the move as part of what he called an “absolute isolation campaign” against the country.

Bessent made the remarks during an interview with Newsmax host Greta Van Susteren at the Newsmax Policy Summit in Washington on Thursday.

🚨JUST IN: U.S. Treasury Secretary Scott Bessent says the Trump administration could SEIZE $1 BILLION in Iran-linked cryptocurrency THIS WEEK. “We're probably gonna seize a billion dollars of crypto this week. And, you know, we know where it is and we are isolating them.” The… pic.twitter.com/FWDIFrTZOA — Coin Bureau (@coinbureau) October 9, 2026

https://x.com/coinbureau/status/2108580791987101937?ref_src=twsrc%5Etfw

“We’re probably gonna seize a billion dollars of crypto this week,” Bessent said. “We know where it is and we are isolating them.”

He did not specify whether the planned seizure would involve newly identified funds or be added to amounts previously announced. He also did not identify the wallets or exchanges that the US is targeting. The Treasury Department has not released additional information beyond Bessent’s comments at the summit.

What the isolation campaign includes

Bessent said the campaign extends beyond cryptocurrency seizures. According to his remarks, it includes blockades in the Strait of Hormuz, restrictions on international flights, and the closure of Iran’s land routes with neighboring countries.

“We did have a maximum pressure campaign. Now we have an absolute isolation campaign, and it’s working,” Bessent said.

The conflict between the US and Iran has continued since February, while sanctions targeting Iran’s financial networks have remained a central part of the US response. Cryptocurrency has figured prominently in that financial pressure, with this year’s actions spanning wallet freezes, exchange designations, and stablecoin blacklists.

Bessent made a similar $1 billion claim in May, saying the US had already seized approximately $1 billion in Iranian cryptocurrency and that authorities had “just outright grabbed the wallets.” A Treasury release issued shortly afterward, however, cited a lower figure of close to $500 million. The discrepancy between the two figures has not been explained.

Treasury sanctions Iran-linked exchanges

The Treasury Department has taken several actions against Iran-linked cryptocurrency exchanges this year. In July, the agency announced wallet sanctions that froze $130 million.

An on-chain analyst known as Specter linked that action to four Tron addresses holding approximately $131 million in USDT. Tether, the stablecoin issuer, blacklisted the addresses. Because USDT is issued by a centralized company, blacklisting lets the issuer freeze tokens at specific addresses — the mechanism behind the freezing actions Tether has reported throughout the sanctions effort.

In September, the Treasury sanctioned the exchange BitBank, accusing it of moving hundreds of millions of dollars in bitcoin to Iran’s Islamic Revolutionary Guard Corps between June and July. The action followed sanctions announced in June against Nobitex, Wallex, Bitpin, and Ramzinex. Treasury sanctioned Shelbit and Aban Tether in August.

In total, the Treasury has sanctioned seven Iranian cryptocurrency exchanges since June, including Nobitex, Wallex, and BitBank. The department’s Office of Foreign Assets Control has said it is focused on cutting off funding to Iran’s regime, whether the funds are held in dollars, rials, or cryptocurrency.

Tether has also reported taking action in connection with the sanctions effort. In September, the stablecoin issuer said it had frozen $550 million worth of USDT in 2026 as part of US sanctions enforcement. Of that amount, $344 million was frozen in April alone.

Bessent’s latest remarks did not provide further details about the wallets or platforms involved in the proposed seizure. Any Treasury follow-up identifying the wallets or platforms would clarify the scope of the action and how the $1 billion figure compares with the roughly $500 million cited in May. The original report was published by CoinCentral.