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

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. According to Treasury Secretary Scott Bessent, the Office of Foreign Assets Control (OFAC) has sanctioned multiple crypto wallets tied to the Iranian regime, resulting in the freeze of $344 million in cryptocurrency. Bessent stated that the US will target all financial channels supporting the regime as part of its 'Economic Fury' campaign. The move follows Tether's decision to blacklist two blockchain addresses holding $344 million in USDT. US officials claim the sanctioned wallets have significant connections to the Iranian regime, including transactions with Iranian exchanges and links to the Central Bank of Iran. The Treasury Department believes Iran's central bank is utilizing digital assets to conceal cross-border transactions. Authorities have noted that Iran is increasingly relying on crypto to circumvent restrictions, using complex transaction patterns to obscure its involvement in cross-border payments and support trade flows under sanctions pressure. The US is working with blockchain analytics firms and financial institutions to track illicit flows tied to sanctioned entities.