U.S. Treasury Secretary Scott Bessent announced plans to seize approximately $1 billion in cryptocurrency linked to Iran this week, saying U.S. authorities had already located the assets. The planned seizure forms part of the Trump administration's broader campaign to isolate Iran economically, which is expanding restrictions on Iranian oil exports, international flights, and overland transportation routes. The announcement also follows earlier U.S. seizures of Iran-linked cryptocurrency as Washington intensifies efforts to restrict Tehran's access to international financial markets.

Bessent Announces Planned $1 Billion Crypto Seizure

Bessent disclosed the planned seizure during an interview with Greta Van Susteren at Newsmax's NPolicy Summit in Washington on Thursday. "We're probably gonna seize a billion dollars of crypto this week," Bessent said, adding that authorities had identified the assets.

BREAKING: The U.S. is reportedly preparing to seize $1 BILLION in cryptocurrency assets as Washington intensifies its campaign to economically isolate Iran. The move could further restrict Tehran's access to international financial networks, adding another front to the growing… — The Iranian Letter (@TheIranianzg3z) October 9, 2026

https://x.com/TheIranianzg3z/status/2108528596230836635?ref_src=twsrc%5Etfw

The Treasury secretary did not identify the cryptocurrency involved or explain how authorities intended to take control of the holdings. He also gave no details about the wallets, exchanges, or individuals connected to the proposed seizure, and no further operational details were provided.

Escalating Enforcement Against Iran-Linked Crypto Networks

The announcement follows several enforcement actions against cryptocurrency networks allegedly connected to Iran's Islamic Revolutionary Guard Corps (IRGC). In September, the Treasury Department sanctioned Iranian cryptocurrency exchange BitBank over alleged Bitcoin transfers involving hundreds of millions of dollars. U.S. officials accused the platform of facilitating transactions connected to the IRGC and maritime payments involving Strait of Hormuz. Treasury sanctions of this kind generally prohibit U.S. persons and businesses from transacting with the listed entity.

Earlier, Treasury authorities also targeted cryptocurrency wallets associated with Iran's central banking system. In July, authorities froze more than $130 million in Iran-linked digital assets, including USDT, a U.S. dollar-pegged stablecoin, held across several Tron wallets. That action followed earlier restrictions on cryptocurrency platforms accused of supporting Iranian financial activities, and the freezing of Iranian cryptocurrency wallets formed part of Washington's broader efforts to restrict financial transactions involving sanctioned entities. Taken together, the measures reflect U.S. officials' repeated allegations that Iranian entities use digital assets to process payments outside conventional banking channels. Set against those earlier steps, the newly announced $1 billion target would substantially exceed the July freeze if carried out as described.

Bessent's latest statement concerned a planned seizure, however, and he did not confirm that the additional $1 billion had been recovered. The distinction matters because freezing cryptocurrency restricts access to assets, while seizure involves authorities taking legal control of them.

Isolation Campaign Extends Beyond Financial Sanctions

Bessent also described a broader shift in Washington's approach toward Iran, moving beyond traditional economic sanctions and financial restrictions. "We did have a maximum pressure campaign. Now we have an absolute isolation campaign and it's working," he said.

According to Bessent, the administration is combining financial enforcement with maritime blockades, aviation restrictions, and efforts to close overland routes. He said the measures were intended to prevent Iran from accessing international markets while restricting the movement of government officials, framing the combination of tools as a deliberate expansion of pressure on Tehran's economy and leadership.

The Treasury secretary also claimed that the campaign was creating pressure within the IRGC, although he provided no independent evidence supporting that assessment. He said Washington was working with the United Arab Emirates and Oman while engaging Pakistan and Turkey, describing those efforts as part of a strategy to restrict transportation routes connecting Iran with neighboring countries.

The administration is also targeting Iranian oil exports, with Bessent predicting that maritime restrictions could eventually halt overseas shipments. The latest measures follow U.S. sanctions against Iranian maritime payment networks, including cryptocurrency transactions allegedly linked to shipping operations. Those restrictions targeted financial channels that U.S. authorities believe support Iran's military and sanctioned commercial activities.

Bessent maintained that the expanded campaign was already limiting Iran's economic options, although its full effects remain uncertain. The proposed cryptocurrency seizure represents another component of that strategy, but its execution and final value remain subject to confirmation. Whether the entire amount ultimately enters U.S. custody, and through what legal mechanism, remains unclear.