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

The US Treasury Department has announced the freezing of $344 million in cryptocurrency as part of a broader effort to disrupt financial networks linked to Iran. Secretary Scott Bessent stated that the Treasury's Office of Foreign Assets Control (OFAC) is targeting multiple crypto wallets tied to Iran, resulting in the freeze of $344 million in cryptocurrency. The move is part of a campaign known as 'Economic Fury', aimed at choking off all financial lifelines to the Iranian regime. This development follows Tether's decision to blacklist two blockchain addresses on Tron, holding a combined $344 million in USDT. According to a US official, the sanctioned wallets showed 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 has accused Iran's central bank of utilizing digital assets to conceal cross-border transactions. As a result, authorities are increasing pressure on the regime by targeting both traditional front companies and the use of digital assets. The US agency is working with blockchain analytics firms and coordinating with financial institutions, including crypto exchanges, to track illicit flows tied to sanctioned entities.