US Freezes $344 Million in USDT, Citing Economic Pressure on Iran

On Friday, the US Treasury Department announced that it had 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 department's Office of Foreign Assets Control (OFAC) has sanctioned several cryptocurrency wallets with ties to Iran, resulting in the freeze. Bessent stated that the US will target all financial channels supporting 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 that the sanctioned wallets had significant connections to the Iranian regime, including transactions with Iranian exchanges and links to the Central Bank of Iran. Iran has been increasingly using digital assets to circumvent restrictions and obscure cross-border transactions. The Treasury Department's OFAC is working to increase pressure on the regime by targeting both traditional front companies and the use of digital assets. The US has also sanctioned a China-based refinery accused of supporting Iran's oil economy. The agency is collaborating with blockchain analytics firms and financial institutions to track illicit flows tied to sanctioned entities.