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

The US Treasury Department announced on Friday that it 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. Bessent stated that the US will target all financial channels supporting the Iranian regime, as part of a campaign known as 'Economic Fury'. This move follows Tether's decision to blacklist 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 Treasury Department noted that Iran has been using digital assets to conceal cross-border transactions, and authorities are increasing pressure by targeting both traditional front companies and digital asset usage. The US agency is working with blockchain analytics firms and coordinating with financial institutions to track illicit flows tied to sanctioned entities.