Financial Tribune - The US federal government confiscated at least 500 Bitcoins belonging to Iranians, the president of Iran’s Blockchain Association said.

Sepehr Mohammadi added that Iranians had spent about 250 billion rials ($5.77 million) on the confiscated Bitcoins, IBENA reported.

The reason behind the move is unclear, but is purported to be the alleged circumvention of US sanctions against the country through the virtual currency.