US Targets $1 Billion in Iran-Linked Crypto for Seizure

The US administration has said it is looking to increase pressure on Iran and further isolate the country in what Treasury Secretary Scott Bessent called an “absolute isolation campaign”.

Bessent said during an interview at Newsmax’s NPolicy Summit in Washington, D.C., that the Trump administration’s plans included a US$1 billion (AU$1.4 billion) seizure of crypto. Other measures would include targeting key infrastructure such as air and land travel, as well as a naval blockade.

Regarding the crypto seizure, Bessent was adamant this is going to happen very soon, saying the administration “know[s] where it is”.

We’re probably gonna seize a billion dollars of crypto this week.

Scott Bessent, US Treasury Secretary

In response to the interviewer’s question about whether US sanctions were effective enough against Iran, Bessent insisted that the US had “isolated them economically”.

Read also: OpenAI Used AI to Draft Australian Government Breach Notification

Treasury’s Pressure Campaign Against Tehran

Treasury has repeatedly targeted Iranian digital-asset infrastructure this year, including sanctions against Nobitex, the country’s largest crypto exchange, and later BitBank and other networks accused of helping Iran move funds outside the conventional financial system.

It announced action against BitBank in September, and Bessent said efforts to finance Iran through cryptocurrencies were “not beyond OFAC’s reach”, underscoring that blockchain transactions are now being treated as part of the same sanctions-enforcement framework as banks, shipping and commodity trades.

At the same time, sanctions appear to be increasing Iran’s reliance on digital assets: Iranian authorities have reportedly relaxed some currency controls as businesses turn to Bitcoin, USDT and crypto exchanges to move money internationally, while Iran’s sizeable Bitcoin-mining sector provides another means of obtaining digital assets without relying on conventional cross-border payments.

Read also: Australian SMSF Investors Push Crypto Buy/Sell Ratio to Record High

Crypto News Australia reported that almost US$10 billion (AU$14.2 billion) in crypto moved through Iran during 2025, while Tether has frozen hundreds of millions of dollars linked to Iranian entities, illustrating why a potential US$1 billion (AU$1.4 billion) seizure would represent a significant escalation in the crypto component of Washington’s campaign.