US Freezes $344 Million in Tether's USDT, Citing 'Economic Fury' Against Iranian Regime

In its latest move to disrupt Iran's financial networks, the US Treasury Department has frozen $344 million in cryptocurrency, with Treasury Secretary Scott Bessent stating that the US aims to sever all financial links to the regime. The Office of Foreign Assets Control (OFAC) has sanctioned several crypto wallets tied to Iran, resulting in the freeze of $344 million in cryptocurrency. This action is part of a broader initiative called 'Economic Fury,' which targets the regime's financial lifelines. The freeze comes after Tether, a stablecoin issuer, blacklisted two blockchain addresses holding $344 million in USDT. According to a US official, the sanctioned wallets have significant connections to the Iranian regime, including transactions with Iranian exchanges and links to the Central Bank of Iran. The Iranian government has been increasingly using digital assets to conceal cross-border transactions and circumvent restrictions. To counter this, the US is taking aggressive action against both traditional front companies and the use of digital assets. The Treasury Department's OFAC is working closely with blockchain analytics firms and financial institutions, including crypto exchanges, to track and disrupt illicit financial flows linked to sanctioned entities.