The Daily: US targets $1 billion Iran-linked crypto seizure, and more

The following article is adapted from The Block's newsletter, The Daily, which comes out on weekday afternoons.

Happy Friday! Bitcoin is trading slightly up around $82,500 after President Donald Trump ruled out strikes on Iran before the midterm elections.

In today's newsletter, the U.S. targets a $1 billion Iran-linked crypto seizure, Ledger investigates wallet drains involving CryptoBilis buyers, Thailand issues new bitcoin and ether ETF rules, and more.

Meanwhile, Base creator Jesse Pollak expects equities and non-dollar stablecoins to lead the next "tokenization supercycle," and the New York attorney general secures up to $35 million from former Celsius CEO Alex Mashinsky.

P.S. Don't forget to check out The Latent, our sister website covering AI. Get The Latent Daily here and all other The Block newsletters here.

US targets $1 billion Iran-linked crypto seizure, Bessent says 'we know where it is'

U.S. Treasury Secretary Scott Bessent said the government will "probably" seize $1 billion in cryptocurrency linked to Iran this week as part of the Trump administration's campaign to economically isolate the country.

• Speaking at a summit in Washington on Thursday, Bessent said U.S. authorities know where the crypto is located, but did not identify the wallets or assets being targeted.
• He described the effort as an "absolute isolation campaign" that also includes restrictions on Iran's international flights, land routes and access to the Strait of Hormuz.
• In May, Bessent said the U.S. had seized about $1 billion in Iranian crypto, although a subsequent Treasury release cited an earlier estimate of nearly $500 million.
• Treasury also announced sanctions in July that resulted in $130 million being frozen. An onchain analyst linked the action to four Tron addresses holding roughly $131 million in USDT blacklisted by Tether.
• The U.S. has sanctioned seven Iranian crypto exchanges since June, most recently BitBank in September. Bessent did not clarify whether the latest $1 billion target is additional to previously announced seizures.

Ledger investigates wallet drains involving CryptoBilis buyers; losses estimated above $86 million

Crypto hardware wallet maker Ledger is investigating reports of stolen funds from customers in Southeast Asia who purchased its devices through reseller CryptoBilis.

• Ledger asked CryptoBilis, an official reseller in Indonesia, Malaysia and the Philippines, to pause sales and shipments while it investigates. The cause of the losses remains unknown.
• Onchain researcher Specter estimated suspected losses at more than $86 million across Bitcoin, Ethereum and Tron, while another researcher estimated over $72 million. Neither figure has been independently confirmed.
• Ledger advised customers who bought devices from CryptoBilis in the past 90 days not to set them up, or to consider moving their assets to a new Ledger signer with a new seed if already in use.

Thailand issues bitcoin and ether ETF rules effective Oct. 16

Thailand's Securities and Exchange Commission has issued rules for locally listed crypto ETFs, initially allowing only bitcoin and ether, with the framework set to take effect Oct. 16.

• Funds must maintain average exposure of at least 80% of net asset value to one crypto asset, use SEC-licensed custodians and trade exclusively on the Stock Exchange of Thailand.
• Investors must acknowledge the risks before trading, and securities firms cannot offer margin loans to finance crypto ETF purchases.
• Thai mutual and private funds will be allowed to invest in locally listed crypto ETFs, while depositary receipts linked to foreign crypto ETFs remain prohibited during the initial phase.

Blockchain.com seeks CFTC approval for US prediction markets and crypto derivatives

Blockchain.com has applied for two U.S. regulatory licenses to offer prediction markets and crypto derivatives trading, CNBC reported.

• The company is seeking a designated contract market license and registration as a futures commission merchant, both overseen by the Commodity Futures Trading Commission.
• Blockchain.com already offers prediction markets through Polymarket and perpetual futures through Hyperliquid to some customers outside the U.S. Approval would allow it to bring those products to U.S. users.
• The company also confidentially filed for an IPO in May and is reportedly seeking to raise about $500 million at a valuation of $4 billion to $6 billion, targeting a listing before the end of 2026.

Sam Altman-backed bitcoin life insurer Meanwhile raises $37.5 million

Bitcoin life insurance company Meanwhile raised $37.5 million in a funding round led by Bain Capital Crypto, bringing its total funding to more than $180 million.

• Haun Ventures, Framework Ventures, Pantera Capital, Apollo and other existing investors participated. The Bermuda-based insurer has also signed 15 broker partners serving wealthy families in markets including Singapore, Hong Kong, the UAE and Switzerland.
• Meanwhile's BTC Life 1-Pay policy, launched earlier this year for wealthy clients outside the U.S., allows customers to pay a single premium in bitcoin and receive a guaranteed death benefit in the cryptocurrency. The company reported 1,183 BTC in total assets at the end of 2025.

In the next week

• Key U.S. economic releases next week include September CPI and the Fed's Beige Book on Wednesday, followed by retail sales, PPI and weekly jobless claims on Thursday, and industrial production data on Friday.
• The eurozone's August industrial production data is due Thursday, followed by final September inflation figures and trade data on Friday. ECB President Christine Lagarde is scheduled to speak Wednesday, alongside several other ECB officials throughout the week.
• Cronos (CRO), Arbitrum (ARB), Connex (CONX), Starknet (STRK) and Aptos (APT) are among the tokens set for unlocks.

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