U.S. Treasury Secretary Scott Bessent stated that the United States "may" confiscate another $1 billion in cryptocurrencies related to Iran this week. This warning comes following Washington's increased pressure on Tehran's financial network, as well as previous actions to freeze cryptocurrencies and restrict Iran's oil trade.
Bessent stated at a meeting that the authorities know where the target funds are located.
He said, “We know where it is.” He described this broader operation as an “absolutely isolated action.”
Bessent also stated that this pressure is affecting the Islamic Revolutionary Guards of Iran ( IRGC ). He said that "panic has already begun within the organization," and added that this situation is different from anything seen before.
Bessent also mentioned that military operations and naval blockades are part of the efforts to put pressure on Tehran.
He said, "We have had military operations. Now we have a blockade, so nothing can come in or go out; nothing can get in, and nothing can get out."
If this confiscation action is carried out, it will represent a further expansion on previous actions targeting cryptocurrency wallets associated with Iranian entities and officials.
Previous crypto freezes included $550 million USDT
The latest plan continues the previous actions targeting Iranian-related digital assets. According to reports, authorities have identified approximately $550 million in USDT related to Iranian entities, including wallets on the TRON blockchain.
It is alleged that the relevant actions include a freeze of approximately $344 million in April, as well as another freeze of about $131 million in July, which was related to wallets associated with Iran's Central Bank.
Tether has been cooperating with authorities to freeze USDT related to suspected illegal activities. These freezes demonstrate that stablecoin issuers can restrict access to tokens on identified blockchain addresses.
Bitcoin and other cryptocurrencies are also within the scope of attention.
It is reported that this law enforcement operation also involved approximately $450 million in Bitcoin and other cryptocurrencies, which are believed to be related to Iran's financial network. Authorities reportedly traced these assets through wallets involved in activities that support Iran's financial operations.
The next steps in the plan may also target an additional $400 million to $500 million in stablecoins, as well as more digital assets.
These encryption measures are part of a broader U.S. campaign targeting Iran's overseas financial networks and oil trade.
