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

The US Treasury Department has announced a $344 million cryptocurrency freeze as part of its efforts to disrupt Iran's financial networks. According to Treasury Secretary Scott Bessent, the Office of Foreign Assets Control (OFAC) has sanctioned multiple crypto wallets linked to Iran, resulting in the freeze of $344 million in cryptocurrency. Bessent stated that the US will target all financial channels tied to the Iranian regime as part of its '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 showed significant links to the Iranian regime, including transactions with Iranian exchanges and connections to the Central Bank of Iran. The Treasury Department believes that Iran's central bank has been using digital assets to conceal cross-border transactions. Authorities claim that Iran has increasingly relied on cryptocurrency to bypass restrictions, using complex transaction patterns to obscure its involvement in cross-border payments. The US is working to increase pressure on Iran by targeting both traditional front companies and digital asset usage. Additionally, the US has sanctioned a China-based refinery, accusing it of playing a significant role in Iran's oil economy. The Treasury Department continues to collaborate with blockchain analytics firms and financial institutions to track illicit flows tied to sanctioned entities.