US Seizes $1 Billion of Crypto Linked to Iran

The U. S. Treasury said it has taken about $1 billion in digital money from people tied to Iran’s military. The seizure happened while the country is still fighting a war that began in February. At an economic forum, the Treasury chief explained that some holders of the stolen coins might not even know their wallets are empty. The move is part of a broader effort to cut off Iran’s access to oil revenue that flows through the Strait of Hormuz. That waterway carries roughly 20 % of the world’s oil, and its traffic has been largely halted by sanctions.Iran’s own forces have turned to Bitcoin for things like maritime insurance and shipping fees, hoping the coins can’t be tracked or seized. The U. S. has been blocking crypto linked to Iranian actors for months, and this latest action adds to the pressure on Tehran. Negotiations between the U. S. and Iran are reportedly moving toward a deal that could ease global economic strain, but it still needs presidential approval. The Treasury official did not confirm that the seized coins were the largest cryptocurrency, nor did he tie the action directly to Iran’s new payment plans.