Bitcoin Magazine
‘We Know Where It Is’: Treasury Secretary Threatens To Freeze $1B of Iran’s Crypto
U.S. Treasury Secretary Scott Bessent announced that American authorities will soon seize $1 billion in cryptocurrency from Iran.
During an appearance at Newsmax’s NPolicy Summit in Washington, D.C. on Thursday, Bessent asserted that economic sanctions against the Middle Eastern nation are yielding results.
Iran has utilized bitcoin and other digital currencies to bypass U.S. restrictions. Back in April, the U.S. began targeting crypto wallets associated with the Iranian regime, as Bessent pointed out at the time.
“What we have done has never been seen before,” Bessent remarked on Thursday regarding the measures against Iran.
“We’re probably going to seize $1 billion of crypto this week,” he added. “We know where it is. We are isolating them. We did have a maximum pressure campaign, now we have an absolute isolation campaign and it’s working.”
Bessent did not specify the exact digital assets targeted for seizure or the methods authorities will employ.
Freezing Iran’s bitcoin holdings would be extremely difficult—if not impossible—unless those funds are stored on a centralized exchange.
Because bitcoin is censorship-resistant, it cannot be frozen, though numerous other cryptocurrencies, such as Tether’s USDT, can be. Bessent previously noted that federal authorities had previously seized Iranian crypto held in the popular stablecoin.
Earlier this year, Iran launched a bitcoin-backed insurance program for its shipping companies.
According to a report last month from the Financial Times, the Middle Eastern nation has relied on bitcoin to settle cross-border trades via Iranian crypto exchanges, following advice from the central bank encouraging citizens to take any necessary measures to support the economy.
U.S. President Donald Trump reinstated his “maximum pressure” strategy shortly after returning to the White House. A national security memorandum signed in February 2025 directed the Treasury Department to launch a sustained offensive targeting Iran’s shadow banking, money laundering, and sanctions-evasion operations.
Frequently Asked Questions
What did U.S. Treasury Secretary Scott Bessent announce regarding Iran?
Scott Bessent stated that the U.S. plans to seize $1 billion in crypto from Iran.
How is Iran using cryptocurrencies?
Iran has used bitcoin and other digital currencies to bypass U.S. sanctions and settle cross-border transactions.
Can bitcoin be frozen by the U.S. government?
Bitcoin is censorship-resistant and cannot be frozen unless held on a centralized exchange, though other assets like stablecoins can be frozen.
When did the U.S. revive its maximum pressure campaign?
President Donald Trump revived the campaign weeks after returning to office, followed by a national security memorandum in February 2025.
