US to Seize One Billion Dollars in Cryptocurrency Related to Iran

The U.S. Treasury Secretary announced that the country is likely to seize one billion dollars in cryptocurrency this week. This seizure is part of the U.S. sanctions against Iran amid the military conflicts in the country that began in February. The Treasury Secretary did not specify whether these assets belong to specific exchanges or are the result of interventions by stablecoin issuers. He stated, "We know where these assets are and are isolating them." This action is part of a strategy to cut off Iran's economic access. The Office of Foreign Assets Control of the U.S. Treasury had previously announced that cryptocurrency exchanges facilitating fund transfers to Iran have been targeted. The Treasury Secretary also mentioned in an interview in April that 500 million dollars in cryptocurrency related to Iran had been seized. Tether reported in September that it had blocked 550 million dollars worth of Tether tokens as part of the sanctions.

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