US to Seize $1 Billion in Crypto Linked to Iran Sanctions
- US Treasury Secretary Scott Bessent announced plans to seize $1 billion in cryptocurrency this week as part of sanctions against Iran.
- The seizure is linked to ongoing military conflicts in Iran that began in February.
- In August, the Treasury Department’s OFAC targeted crypto exchanges facilitating funds for Iran’s Islamic Revolutionary Guard Corps.
- Bessent previously stated that $500 million worth of crypto tied to Iran had already been seized earlier this year.
- Stablecoin issuer Tether reported freezing $550 million of USDt (USDT) due to US sanctions on Iran, including $344 million in April alone.
This action reflects the US strategy of economically isolating Iran by targeting financial networks that support its regime through various currencies, including crypto. The planned seizure underscores ongoing efforts to increase pressure on the Iranian government amid international tensions.
The US aims to seize a total of $1 billion in cryptocurrency linked to Iran’s activities, building on previous seizures totaling $500 million earlier this year and significant actions taken by stablecoin issuers like Tether. (Source)
