US Freezes $344 Million in USDT, Citing Iran Regime's Financial Networks

The US Treasury Department announced on Friday that it has frozen $344 million in cryptocurrency as part of its efforts to disrupt financial networks linked to Iran. This move is in line with the US government's 'Economic Fury' campaign against the Iranian regime. According to Treasury Secretary Scott Bessent, the Treasury's Office of Foreign Assets Control (OFAC) has sanctioned several cryptocurrency wallets tied to Iran, resulting in the freeze of the funds. Bessent stated that the US will continue to track and target all financial channels supporting the regime. The freeze follows Tether's decision to blacklist two blockchain addresses holding $344 million in USDT. A US official revealed that the sanctioned wallets had significant links to the Iranian regime, including transactions with Iranian exchanges and connections to wallets associated with the Central Bank of Iran. The Iranian government has been attempting to use digital assets to conceal its cross-border transactions. The US authorities are increasing pressure on the regime by targeting both traditional front companies and the use of digital assets. The Treasury Department's OFAC is working with blockchain analytics firms and financial institutions to track illicit flows tied to sanctioned entities.