U.S. Treasury Secretary Bessent: Nearly $1 Billion in Iranian Cryptocurrency to Be Seized This Week

Key Points of This Article

• The Treasury Secretary did not disclose the types of cryptocurrency to be seized.
• U.S. government-related wallets transferred cryptocurrency worth approximately 244 billion yen.

Seizure of Iranian-Related Cryptocurrency

On the 8th, U.S. Treasury Secretary Scott Bessent stated at an event hosted by U.S. media outlet Newsmax that there is a high possibility of seizing Iranian cryptocurrency worth $1 billion this week. "We know its location," he said.

This statement is backed by reports that Iran has been using cryptocurrencies like Bitcoin (BTC) to evade sanctions. The Treasury Secretary revealed that the U.S. began targeting cryptocurrency wallets associated with the Iranian regime in April.

The Treasury Secretary positioned this seizure as part of a campaign for "absolute isolation" following "maximum pressure," explaining that it is yielding results. This isolation campaign includes the blockade of the Strait of Hormuz, restrictions on international flights, and the closure of land routes connecting Iran with neighboring countries.

Regarding the amount to be seized, the Treasury Secretary mentioned in May that approximately $1 billion worth of Iranian cryptocurrency had been seized, but a subsequent announcement from the Treasury cited an amount close to $500 million. The Treasury Secretary did not clarify whether the current $1 billion is separate from previously announced seizures or disclose the types and methods of the cryptocurrency to be seized.

Transfers from U.S. Government Wallets

In the same week as the Treasury Secretary's statement, it was revealed that U.S. government-related wallets transferred 17,733 BTC and 750 WBTC to accounts under the institutional investor service "Coinbase Prime" at the U.S. exchange Coinbase. The total amounts to approximately 244 billion yen.

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