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U.S. Seizes $1B Iranian Crypto; Trump Says Strikes Cancelled

6/12/2026

Summary

Story summary

Treasury Secretary Scott Bessent announced the U.S. will seize about $1 billion in Iranian cryptocurrency to offset tolls imposed by the Persian Gulf Strait Authority, which the Treasury calls extortion and a breach of international law.
He said the seized assets could fund repairs for damage Iran caused since the February 28 conflict.
President Donald Trump said on Truth Social that planned Iranian strikes were cancelled because a peace deal is expected.

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Story summary

Treasury Secretary Scott Bessent announced the U.S. will seize about $1 billion in Iranian cryptocurrency to offset tolls imposed by the Persian Gulf Strait Authority, which the Treasury calls extortion and a breach of international law.
He said the seized assets could fund repairs for damage Iran caused since the February 28 conflict.
President Donald Trump said on Truth Social that planned Iranian strikes were cancelled because a peace deal is expected.