The U.S. government has seized roughly $1 billion in cryptocurrency from entities linked to Iran's military, Treasury Secretary Scott Bessent announced Friday at the Reagan National Economic Forum in Simi Valley, California.
Bessent told Fox Business Network that the U.S. simply "grabbed the wallets," suggesting some holders may not yet realize their digital assets are gone. The seizures are part of a broader crackdown on Iran's finances, particularly related to oil flows through the Strait of Hormuz, a critical chokepoint for 20% of the world's oil supply.
The announcement comes as the U.S. and Iran reportedly close in on a potential deal that could ease tensions threatening the global economy, with negotiators reaching an agreement that could extend a fragile ceasefire pending President Donald Trump's approval.
Iran's Islamic Revolutionary Guard Corps has been promoting Bitcoin-settled maritime insurance through a platform called Hormuz Safe, and reportedly plans to require oil tankers to pay transit fees in Bitcoin. Last year, Israeli authorities alleged Iran's Revolutionary Guard had received $1.5 billion in Tether's USDT stablecoin.