U.S. Seizes About $1 Billion in Iran-Linked Crypto

Treasury Secretary Scott Bessent told the Reagan National Economic Forum in Simi Valley, California, on Friday that U.S. officials seized roughly $1 billion in cryptocurrencies linked to Iran.

He added, “Just outright grabbed the wallets,” and said some holders may not yet realize their funds are gone. Bessent declined to identify which tokens were taken or to describe operational details of the actions. He said authorities have confiscated large sums of crypto from Iran-linked entities since the conflict began in February.

The Treasury described the seizures as part of efforts to cut off financial flows to Iranian entities that benefit from oil revenues and other state-linked income. Iran has used digital assets in maritime payments and promoted a Bitcoin-based maritime insurance platform called Hormuz Safe; officials have also discussed requiring some tankers to pay transit fees in cryptocurrency.

Authorities have alleged that Iran-linked actors moved funds using stablecoins, and estimates last year put receipts to the Islamic Revolutionary Guard Corps at about $1.5 billion in stablecoins. Scammers impersonating Iranian authorities have sought payments from shipping companies in Bitcoin and stablecoins.

Bessent said the actions target revenue channels for Iran’s military and designated entities but did not link the seizures to any single reported scheme or to a specific digital asset. He did not provide a timeline for returning any seized assets or detail the legal processes involved.

The announcements come as tensions remain high in the Gulf, where roughly 20% of the world’s oil flows through the Strait of Hormuz. Negotiators have reportedly reached a framework that could extend a fragile ceasefire pending presidential approval.