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

The US Treasury Department has frozen $344 million in cryptocurrency as part of a broader effort to disrupt financial networks linked to Iran. According to Treasury Secretary Scott Bessent, the Office of Foreign Assets Control (OFAC) has sanctioned several crypto wallets tied to Iran, resulting in the freeze of $344 million in cryptocurrency. Bessent stated that the US will track and target all financial channels supporting the Iranian regime as part of the 'Economic Fury' campaign. The move follows Tether's blacklisting of 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 government has been increasingly using digital assets to conceal cross-border transactions and circumvent sanctions. The US Treasury's OFAC is intensifying its efforts to combat both traditional front companies and the use of digital assets, while collaborating with blockchain analytics firms and financial institutions to track illicit flows tied to sanctioned entities.