US Freezes $344 Million in USDT, Citing Iran Sanctions and 'Economic Fury' Campaign

In its latest bid to disrupt Iran's financial networks, the US Treasury Department has frozen $344 million in cryptocurrency, as part of a broader initiative known as 'Economic Fury'. 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 supporting the Iranian regime, as it attempts to move funds outside the country. The move follows Tether's decision to blacklist two blockchain addresses holding $344 million in USDT. US officials claim that the sanctioned wallets have significant ties to the Iranian regime, including transactions with Iranian exchanges and connections to the Central Bank of Iran. The Iranian government has been increasingly relying on digital assets to conceal cross-border transactions and circumvent sanctions. The US Treasury Department's OFAC is intensifying its efforts to combat this by targeting both traditional front companies and the use of digital assets. Additionally, the US has sanctioned a China-based refinery, accusing it of playing a major role in Iran's oil economy. The US agency is working closely with blockchain analytics firms and financial institutions to track and disrupt illicit flows linked to sanctioned entities.