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, marking a significant escalation in the US campaign against the Iranian regime. 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 pursue all financial channels used by Tehran, as part of a broader initiative dubbed 'Economic Fury'. This development follows Tether's decision to blacklist two blockchain addresses holding $344 million in USDT. A US official revealed that the sanctioned wallets had significant ties to the Iranian regime, including transactions with Iranian exchanges and connections to wallets associated with the Central Bank of Iran. The Iranian central bank has been attempting to use digital assets to conceal its cross-border transactions. Authorities have noted that Iran has increasingly relied on cryptocurrency to bypass restrictions, using complex transaction patterns to obscure its involvement in cross-border payments and support trade flows under sanctions pressure. The US is working to increase pressure on Iran by targeting both traditional front companies and the use of digital assets. In a related move, the US sanctioned Hengli Petrochemical (Dalian) Refinery Co., accusing the China-based refinery of playing a major role in Iran's oil economy. The US agency is collaborating with blockchain analytics firms and financial institutions, including crypto exchanges, to track illicit flows tied to sanctioned entities.