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 since the war broke out in February. The seizures reflect a sweeping crackdown on Iran's government amid tensions over the Strait of Hormuz, through which 20% of the world's oil flows. Bessent told Fox Business Network that some actors holding the digital assets may not realize their wallets have been taken, stating the U.S. 'just outright grabbed the wallets.'
Bessent's comments come as the U.S. and Iran reportedly inch closer to a deal that could alleviate tension threatening the global economy. Negotiators have reached an agreement that could prolong a fragile ceasefire, pending approval from President Donald Trump, per Axios. The waterway has largely remained choked amid the conflict.
Iran's Islamic Revolutionary Guard Corps Adopts Bitcoin for 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 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.'
Bessent did not link the seizures to the reported scheme on Friday, nor did he specify whether the U.S. government's actions involved Bitcoin. Scammers impersonating Iranian authorities have been targeting shipping companies with fraudulent payment demands in Bitcoin and Tether's USDT stablecoin, Reuters reported in April.
Israeli Authorities Allege IRGC Received $1.5 Billion in USDT
Last year, Israel's National Bureau for Counter Terror Financing alleged that Iran's Islamic Revolutionary Guard Corps had received $1.5 billion in the stablecoin. Actors linked to Iran have used Tether's USDT stablecoin to move funds, Israeli authorities stated.
FAQ
What did Treasury Secretary Bessent say about crypto seizures from Iran?
Treasury Secretary Scott 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 since the war broke out in February. He told Fox Business Network that some actors may not realize their wallets have been taken.
How is Iran's Revolutionary Guard Corps using Bitcoin?
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, with an Iranian official stating the fees 'can't be traced or confiscated due to sanctions.'
