U.S. Treasury Secretary Scott Bessent says the government will “probably” seize another $1 billion in cryptocurrency linked to Iran this week. The warning comes as Washington steps up pressure on Tehran’s financial networks, following earlier crypto freezes and efforts to restrict Iranian oil trade.

Bessent Says U.S. Has Tracked Iran-Linked Crypto

Speaking at a conference, Bessent said authorities know where the targeted funds are located.

“We know where it is,” he said, describing the broader effort as an “absolute isolation campaign.”

Bessent also said the pressure was affecting Iran’s Islamic Revolutionary Guard Corps (IRGC). He said the group “is now panicking amongst themselves,” adding that the campaign was unlike anything seen before.

Bessent also pointed to military action and maritime blockades as part of the pressure on Tehran.

“We have, we had military. Now we have the blockades, so nothing is going in, coming out or going in,”

The possible seizure would add to earlier actions targeting cryptocurrency wallets linked to Iranian entities and officials.

Earlier Crypto Freezes Include $550M in USDT

The latest plan follows earlier actions against Iran-linked digital assets. According to the reference, authorities have already targeted approximately $550 million in USDT linked to Iranian entities, including wallets on the TRON blockchain.

The reported actions included a freeze of around $344 million in April and another involving approximately $131 million in July, linked to wallets associated with Iran’s central bank.

Tether has cooperated with authorities to freeze USDT connected to suspected illicit activity. These freezes show how stablecoin issuers can restrict access to tokens held at identified blockchain addresses.

Bitcoin and Other Crypto Also in Focus

The reported enforcement effort also involves around $450 million in Bitcoin and other cryptocurrencies allegedly linked to Iranian financial networks. Authorities reportedly traced these assets through wallets associated with activities supporting Iranian financial operations.

The next planned action could target another $400 million to $500 million in stablecoins, alongside additional digital assets.

The crypto measures are part of a wider U.S. campaign targeting Iran’s overseas financial networks and oil trade.