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US Treasury announces plans to seize $1 billion in Iran-linked cryptocurrency
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US Treasury announces plans to seize $1 billion in Iran-linked cryptocurrency

Oct 9, 2026

U.S. Treasury Secretary Scott Bessent announced that the United States plans to seize approximately $1 billion in Iran-linked cryptocurrency assets within a week as part of a broader economic isolation campaign. The action builds on earlier freezes targeting $550 million in Tether (USDT), sanctions against Iranian exchanges such as BitBank and Nobitex, and enforcement actions against the Islamic Revolutionary Guard Corps and oil trade financial networks.

Announcement of $1 billion cryptocurrency seizure

  • ▪U.S. Treasury Secretary Scott Bessent stated at Newsmax's NPolicy Summit on October 8, 2026 that federal authorities have identified the specific locations of the targeted $1 billion in Iranian-linked cryptocurrency assets
  • ▪U.S. Treasury Secretary Scott Bessent announced on October 8, 2026 that the United States intends to seize approximately $1 billion in cryptocurrency linked to Iranian financial networks within a week

Freezes of Iranian Tether assets

  • ▪Stablecoin issuer Tether has assisted United States authorities in freezing roughly $550 million in USDT connected to suspected Iranian illicit financial activity in 2026
  • ▪Federal authorities and stablecoin issuer Tether froze approximately $131 million in USDT across four TRON blockchain addresses linked to the Central Bank of Iran in July 2026
  • ▪Federal authorities and stablecoin issuer Tether froze over $344 million in USDT from two Iranian-linked cryptocurrency wallet addresses in April 2026

Reports on Iranian reliance on Tether

  • ▪Blockchain analytics firm Elliptic linked $507 million in USDT directly to the Central Bank of Iran, reporting that the central bank utilized the stablecoin to support the Iranian rial
  • ▪A review led by Senator Richard Blumenthal for the Senate Permanent Subcommittee on Investigations found that 84 percent of 846 examined Iran-linked cryptocurrency wallets transacted almost entirely in USDT

Sanctions on Iranian cryptocurrency exchanges

  • ▪The U.S. Department of the Treasury sanctioned Iranian cryptocurrency exchange BitBank in September 2026 over allegations that it transferred hundreds of millions of dollars in Bitcoin to the Islamic Revolutionary Guard Corps
  • ▪The U.S. Department of the Treasury imposed sanctions on Iranian cryptocurrency platforms Nobitex, Wallex, Bitpin, and Ramzinex in June 2026, followed by sanctions on Shelbit and Aban Tether in August 2026

Sanctions under Operation Economic Outcast

  • ▪The U.S. Department of the Treasury launched Operation Economic Outcast on August 24, 2026, designating digital assets alongside technology, gold, aviation, and shipping as Iranian economic sectors subject to sanctions
  • ▪Under Operation Economic Outcast, the U.S. Department of the Treasury has designated nearly 60 entities, individuals, and vessels, including actions targeting remnants of Iran's shadow fleet of oil tankers

Assessment of U.S. economic isolation campaign

  • ▪U.S. Treasury Secretary Scott Bessent stated that the economic isolation campaign against Iran has caused internal panic within the Islamic Revolutionary Guard Corps
  • ▪U.S. Treasury Secretary Scott Bessent described the U.S. policy toward Iran as an absolute isolation campaign involving maritime blockades at the Strait of Hormuz, flight restrictions, and land route closures

Debatable claims

  • ▪Cryptocurrency wallet freezes effectively disrupt Iranian state financial operations
  • ▪Stablecoin issuers should cooperate with U.S. enforcement to freeze Iran-linked wallets

4 sources

CoinPedia
U.S. Plans to Seize Another $1B in Iran-Linked Crypto, Bessent
View source article
Crypto Briefing
US to seize $1B in crypto assets to pressure Iran amid ongoing conflict
View source article
The Block
US targets $1 billion Iran-linked crypto seizure, Bessent says 'we know where it is'
View source article
Cryptopolitan
Bessent says US could seize $1 billion in Iran crypto this week - Cryptopolitan
View source article

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IranUnited States

Topics

Crypto enforcement actionsIran & regional influenceCrypto regulationAnti-money laundering (AML)Scott BessentCrypto Sanctions Compliance

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