U.S. Treasury Secretary Scott Bessent stated Friday at the 2026 Reagan National Economic Forum in Simi Valley, California, that the U.S. government has seized approximately $1 billion worth of cryptocurrencies from entities linked to Iran's military, with some holders potentially unaware their wallets have been accessed. The seizures reflect a sweeping crackdown on Iran's government, which benefits from oil flows through the Strait of Hormuz — a waterway through which 20% of the world's oil passes and which has remained largely choked amid ongoing conflict. Bessent's comments come as U.S. and Iran negotiators have reportedly reached a ceasefire agreement pending approval from President Donald Trump, per Axios.
Speaking to Fox Business Network's Larry Kudlow, Bessent said, "I believe that we have seized about $1 billion of their crypto. Just outright grabbed the wallets. Some of them may be typing in right now, and they might not have realized that their wallet had been grabbed." Bessent did not link the seizures to specific schemes or confirm whether the actions involved Bitcoin.
IRGC's Bitcoin Adoption in Maritime Operations
Fars, a state-affiliated Iranian news agency, reported this month that the Iranian Revolutionary Guard Corps has promoted a Bitcoin-settled maritime insurance platform called Hormuz Safe. In April, the Financial Times reported that Iran plans to require oil tankers passing through the Strait of Hormuz to pay transit fees in Bitcoin. The outlet quoted an Iranian official who said the fees "can't be traced or confiscated due to sanctions."
Fraud and Stablecoin Allegations
Reuters reported in April that scammers impersonating Iranian authorities have been targeting shipping companies with fraudulent payment demands in Bitcoin and Tether's USDT stablecoin. Last year, Israel's National Bureau for Counter Terror Financing alleged that Iran's Islamic Revolutionary Guard Corps had received $1.5 billion in USDT.
FAQ
What did Treasury Secretary Bessent say about U.S. crypto seizures from Iran?
Bessent stated Friday at the 2026 Reagan National Economic Forum that the U.S. government has seized approximately $1 billion worth of cryptocurrencies from entities linked to Iran's military, with some holders potentially unaware their wallets have been accessed.
Why has Iran's IRGC adopted Bitcoin for maritime operations?
Fars reported this month that the IRGC promoted a Bitcoin-settled maritime insurance platform called Hormuz Safe. In April, the Financial Times reported Iran plans to require oil tankers passing through the Strait of Hormuz to pay transit fees in Bitcoin, with an Iranian official stating the fees "can't be traced or confiscated due to sanctions."
