US Seizes $1 B of Iranian Crypto, Sparking Critique by Canadian Billionaire

Treasury Secretary Scott Bessent announced that the United States has seized cryptocurrency wallets linked to Iran valued at roughly $1 billion, including a substantial amount of Bitcoin. The seizure was coordinated with European allies and adds to the Treasury’s known holdings of over $24 billion in digital assets.

Canadian billionaire and gold advocate Frank Giustra responded by arguing that the seizure undermines Bitcoin’s claim to be a “digital gold” safe haven. Giustra emphasized that the public ledger makes crypto assets traceable and vulnerable to government intervention, stating that the U.S. government’s entire Bitcoin reserve was obtained through confiscation and that there is “no escape” for users.

Giustra’s comments highlight a debate over the security and decentralisation of cryptocurrencies in the face of state actions, suggesting that the narrative of crypto as an untouchable store of value is weakened by the U.S. seizure.