US Freezes $344 Million in USDT, Citing Iran Sanctions and 'Economic Fury'

The US Treasury Department has announced the freezing of $344 million in cryptocurrency as part of a broader campaign 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 a significant amount of cryptocurrency. The move is part of a campaign dubbed 'Economic Fury', aimed at targeting all financial lifelines supporting the regime. This follows the blacklisting of two blockchain addresses on Tron by stablecoin issuer Tether, holding a combined $344 million in USDT. The US government has accused Iran of using cryptocurrency to bypass restrictions and obscure cross-border transactions, and is working with blockchain analytics firms and financial institutions to track illicit flows tied to sanctioned entities.