US Treasury Secretary Says Seizure of $1 Billion in Iran-Linked Crypto Likely This Week
US Treasury Secretary Scott Bessent said about $1 billion in Iran-linked cryptocurrency could be seized this week.The Block reported on October 9 that Bessent made the remarks a day earlier at Newsmax's NPolicy Summit in Washington. "It appears we will seize $1 billion in crypto this week," he said. "We know where the assets are, and we are isolating them."He said US policy toward Iran has shifted from maximum pressure to total isolation. Washington is pursuing that strategy through a blockade of the Strait of Hormuz, restrictions on international flights and the disruption of overland routes through neighboring countries. He added that the campaign is working.The US has expanded sanctions in recent months on Iran-linked crypto wallets and exchanges. In July, wallet-related sanctions froze more than $130 million. On-chain analyst Spector said the move was tied to Tether's blacklisting of four Tron addresses holding about $131 million in USDT.Exchanges have also been targeted. The Treasury Department sanctioned Nobitex, Wallex, Bitpin and Ramzinex in June, then added Shelbit and AvanTether in August. Last month, Bitbank was added to the sanctions list over allegations that it transferred hundreds of millions of dollars' worth of Bitcoin to Iran's Islamic Revolutionary Guard Corps, or IRGC, in June and July.