According to Newsmax, U.S. Treasury Secretary Scott Bessent said at the NPolicy Summit in Washington that the U.S. may seize about $1 billion in cryptocurrency linked to Iran this week, adding that authorities “know where it is.” He said the move is part of an “absolute isolation campaign” that also includes maritime blockades, flight restrictions and efforts to close Iran’s land routes.

Bessent said in May that the U.S. had already seized about $1 billion in Iran-linked crypto assets, although it remains unclear whether the latest $1 billion target is additional to previously announced seizures.