US Freezes $344 Million in USDT, Citing Ties to Iranian Regime

In its latest move to disrupt Iranian financial networks, the US Treasury Department has frozen $344 million in cryptocurrency, as part of a broader initiative known as 'Economic Fury'. Treasury Secretary Scott Bessent stated that the US aims to sever all financial channels supporting the Iranian regime. The freeze is a result of the Treasury's Office of Foreign Assets Control (OFAC) sanctioning several cryptocurrency wallets linked to Iran. According to Bessent, the US will continue to track and target financial flows linked to the regime. The move follows Tether's decision to blacklist two blockchain addresses holding $344 million in USDT. US officials claim that the sanctioned wallets have significant ties to the Iranian regime, including transactions with Iranian exchanges and connections to the Central Bank of Iran. The Iranian government has been increasingly using digital assets to conceal cross-border transactions and circumvent restrictions. The US Treasury Department is working with blockchain analytics firms and financial institutions to monitor and disrupt illicit financial flows tied to sanctioned entities, including the use of digital assets and traditional front companies. Additionally, the US has imposed sanctions on Hengli Petrochemical (Dalian) Refinery Co., a China-based refinery accused of playing a key role in Iran's oil economy.