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

The US Treasury Department has announced the freezing of $344 million in cryptocurrency as part of a broader effort to disrupt Iran's financial networks. According to Treasury Secretary Scott Bessent, the Office of Foreign Assets Control (OFAC) has imposed sanctions on multiple cryptocurrency wallets linked to Iran, resulting in the freeze. Bessent stated that the US will pursue and target all financial channels supporting the Iranian regime as part of the 'Economic Fury' campaign. This move follows Tether's decision to blacklist two blockchain addresses holding $344 million in USDT. A US official revealed that the sanctioned wallets had significant ties to the Iranian regime, including transactions with Iranian exchanges and connections to the Central Bank of Iran. The Iranian government has been increasingly using digital assets to conceal cross-border transactions and circumvent sanctions. The US authorities are intensifying their crackdown on both traditional front companies and the use of digital assets, with the Treasury's OFAC working closely with blockchain analytics firms and financial institutions to track illicit flows linked to sanctioned entities.