US Freezes $344 Million in Tether's 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 the US government's 'Economic Fury' campaign. According to Treasury Secretary Scott Bessent, the Office of Foreign Assets Control (OFAC) has sanctioned several crypto wallets linked to Iran, resulting in the freeze of $344 million in cryptocurrency. Bessent stated that the US will track and target all financial channels tied to the Iranian 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 connections to the Iranian regime, including transactions with Iranian exchanges and links to the Central Bank of Iran. The Iranian central bank has been using digital assets to conceal cross-border transactions. Authorities claim that Iran has been using crypto to evade restrictions, employing complex transaction patterns to hide its involvement in cross-border payments and support trade flows under sanctions pressure. The US Treasury's OFAC is increasing pressure by taking aggressive action against both traditional front companies and the use of digital assets. The US has also sanctioned a China-based refinery, accusing it of playing a key role in Iran's oil economy. The US agency is working with blockchain analytics firms and coordinating with financial institutions, including crypto exchanges, to track illicit flows tied to sanctioned entities.