US seized $1B in Iranian crypto: Treasury chief

Treasury announces crypto seizures

US Treasury Secretary Scott Bessent said Friday that Washington has seized approximately $1 billion in Iranian cryptocurrency holdings, stating that the Treasury Department “just outright grab the wallets” of sanctioned entities. Bessent noted that some account holders may still be unaware of the confiscations, suggesting that users might be attempting to access funds that are no longer available.

European asset recovery

The Treasury chief said Washington is coordinating with European allies to seize Iranian-linked properties abroad, including villas and houses. He framed the campaign as an effort to recover funds stolen from the Iranian people, claiming the assets rightfully belong to ordinary citizens.

Kharg Island shutdown

Bessent also stated that Iran's oil export facility at Kharg Island has effectively been shut down, attributing the closure to a US naval blockade that has curtailed Tehran's petroleum exports. The Treasury chief said the measure has sharply reduced Iran's capacity to generate revenue from energy shipments, dealing a blow to the sanctioned economy.

Gulf financial cooperation

Following recent Iranian attacks on Gulf states, Bessent said regional allies have become “very good partners” in financial enforcement efforts, allowing Washington to freeze Iranian bank accounts throughout the region. The diplomatic shift has reportedly strengthened US capabilities to enforce sanctions against Tehran's financial networks.