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

In its latest move to disrupt Iranian financial networks, the US Treasury Department has frozen $344 million in cryptocurrency. This action is part of a broader initiative, dubbed 'Economic Fury,' aimed at targeting the financial lifelines of the Iranian regime. Secretary Bessent stated that the US will pursue and disrupt all financial channels that Tehran attempts to use, both within and outside the country. The Office of Foreign Assets Control (OFAC) has sanctioned multiple cryptocurrency wallets linked to Iran, resulting in the freeze of $344 million in cryptocurrency. This freeze follows Tether's decision to blacklist two blockchain addresses holding $344 million in USDT. According to a US official, the sanctioned wallets have been linked to the Iranian regime through transactions with Iranian exchanges and connections to wallets associated with the Central Bank of Iran. Iran has been increasingly using digital assets to bypass restrictions and obscure cross-border transactions. The Treasury Department's OFAC is working to increase pressure on the regime by targeting both traditional front companies and the use of digital assets. In a related move, the US has also sanctioned a China-based refinery for its role in supporting Iran's oil economy. The US agency is collaborating with blockchain analytics firms and financial institutions to track and disrupt illicit financial flows linked to sanctioned entities.