US Treasury tracks and freezes Iranian crypto funds, Bessent says

The US Treasury is tracking Iran’s crypto holdings and freezing them, according to Treasury Secretary Scott Bessent. Washington’s sanctions machine has spent decades following tankers and wire transfers. Now it is following wallet addresses too. This matters now because the target is large. Authorities are reportedly preparing to seize around $1 billion in Iranian digital assets tied to the Islamic Revolutionary Guard Corps (IRGC). The idea that crypto offers a clean escape from US sanctions is looking shakier by the week. How the freeze campaign works The effort sits under a broader sanctions push called “Operation Economic Outcast.” It was announced on August 24, 2026. That campaign extended Iran sanctions into digital assets, alongside more familiar targets like shipping and aviation. Bessent’s key claim is that the government knows where these assets are. He said authorities are isolating funds they had already identified. The estimated total, drawn from various seizure efforts, ranges from hundreds of millions of dollars to around $1 billion. Timing has been a moving target. On October 9, 2026, Bessent said the US would “probably” seize $1 billion in Iran-linked crypto that we...