US Freezes $344 Million in USDT, Citing Ties to Iran's Financial Network

The US Treasury Department has frozen $344 million in cryptocurrency as part of a broader effort to disrupt Iran's financial networks. 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. Bessent stated that the US will track and target all financial channels tied to the Iranian regime as part of its 'Economic Fury' campaign. The move follows Tether's decision to blacklist two blockchain addresses holding $344 million in USDT. US officials claim the sanctioned wallets have significant ties to the Iranian regime, including transactions with Iranian exchanges and connections to the Central Bank of Iran. The Treasury Department believes Iran's central bank is using digital assets to conceal cross-border transactions. The US is increasing pressure on Iran by targeting both traditional front companies and the use of digital assets. Meanwhile, the US has also sanctioned a China-based refinery, accusing it of playing a significant role in Iran's oil economy. The US agency is working with blockchain analytics firms and financial institutions to track illicit flows tied to sanctioned entities.