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

In its latest move to disrupt Iranian financial networks, the US Treasury Department has frozen $344 million in cryptocurrency, with Treasury Secretary Scott Bessent stating that the US aims to sever all financial ties with the Iranian regime. The freeze is part of the 'Economic Fury' campaign, which seeks to track and target Iranian financial transactions. The US Treasury's Office of Foreign Assets Control (OFAC) has sanctioned multiple crypto wallets linked to Iran, resulting in the $344 million freeze. The action follows Tether's decision to blacklist two blockchain addresses holding $344 million in USDT. According to US officials, the sanctioned wallets have significant links 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 sanctions. The US Treasury's OFAC is taking aggressive action against both traditional front companies and the use of digital assets to increase pressure on the Iranian regime. The US agency is working with blockchain analytics firms and financial institutions to track illicit flows tied to sanctioned entities.