US Freezes $344 Million in Tether's USDT, Citing Iran Sanctions

The US Treasury Department announced on Friday that it 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 of $344 million in cryptocurrency. The move is part of a campaign dubbed 'Economic Fury', aimed at targeting all financial lifelines tied to the Iranian regime. This action follows Tether's decision to blacklist two blockchain addresses on Tron, holding a combined total of $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 government has been increasingly relying on digital assets to conceal its cross-border transactions and circumvent sanctions. The US authorities are working to intensify pressure on Iran by taking aggressive action against both traditional front companies and the use of digital assets. In a related move, the US also sanctioned Hengli Petrochemical (Dalian) Refinery Co., a China-based independent refinery, for its alleged role in supporting Iran's oil economy. The US agency is collaborating with blockchain analytics firms and financial institutions, including crypto exchanges, to track and disrupt illicit financial flows linked to sanctioned entities.