US Freezes $344 Million in Tether's USDT, Citing Iran Sanctions

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. Treasury Secretary Scott Bessent stated that the Treasury's Office of Foreign Assets Control (OFAC) has imposed sanctions on multiple cryptocurrency wallets tied to Iran, resulting in the freeze. Bessent explained that the US will target all financial channels supporting 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. According to a US official, the sanctioned wallets had significant connections to the Iranian regime, including transactions with Iranian exchanges and links to the Central Bank of Iran. The Treasury Department noted that Iran has been using digital assets to conceal cross-border transactions, and authorities are increasing pressure by targeting both traditional front companies and digital asset usage. The US agency is working with blockchain analytics firms and financial institutions to track illicit flows linked to sanctioned entities.