US Imposes $344 Million USDT Freeze in Crackdown on Iran's Financial Networks

In its latest move to disrupt Iran's financial networks, the US Treasury Department has frozen $344 million in cryptocurrency, as part of a broader campaign known as 'Economic Fury'. According to Treasury Secretary Scott Bessent, the department's 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 lifelines tied to the Iranian regime, as Tehran attempts to move funds outside the country. This effort follows Tether's decision to blacklist two blockchain addresses on Tron, holding $344 million in USDT. A US official revealed that the sanctioned wallets had significant links to the Iranian regime, including transactions with Iranian exchanges and connections to wallets associated with the Central Bank of Iran. The Treasury Department noted that Iran's central bank has been using digital assets to conceal cross-border transactions. As Iran increasingly turns to crypto to evade restrictions, using complex transaction patterns to obscure its involvement in cross-border payments, the US is stepping up pressure by targeting both traditional front companies and digital asset usage. The Treasury's OFAC is working with blockchain analytics firms and coordinating with financial institutions, including crypto exchanges, to track illicit flows tied to sanctioned entities.