Nowadays, individuals’ assets are held and stored in the form of cryptocurrencies. The expansion of cryptocurrencies has confronted the Iranian legal system with new questions in the field of commercial law, particularly bankruptcy matters. The conflict between the apparent status of a bankrupt person and their actual assets raises the question of how a bankrupt trader possessing cryptocurrencies should be treated if the trader or creditors claim bankruptcy. To answer this fundamental question, the present research was conducted using a descriptive-analytical and comparative method, employing a library-based approach. The findings indicate that, despite the absence of a unified and explicit definition of cryptocurrencies in Iranian law, from a legal analysis perspective, they possess the characteristics of property and are capable of valuation, seizure, transfer, and sale. However, their identification, seizure, and sealing during bankruptcy proceedings, as well as the particular status of this type of asset, face significant legal challenges. These challenges include identifying where the cryptocurrency is stored, identifying the wallet, the possibility of compelling the bankrupt person to provide the wallet key, and determining how to deal with the trader’s transactions. Comparative analysis shows that legal systems such as the United States, while recognizing the financial nature of cryptocurrencies, have established mechanisms to compel access to wallet keys. The research results demonstrate that, despite existing capacities in Iranian laws, significant gaps remain in regulating cryptocurrencies in bankruptcy, making the adoption of specific regulations necessary to protect creditors’ rights.