US Freezes $344 Million in Tether's USDT, Citing 'Economic Fury' Against Iran

In its latest move to disrupt Iran's financial networks, the US Treasury Department has frozen $344 million in cryptocurrency, with Treasury Secretary Scott Bessent stating that the US aims to cut off all financial support to the regime. The freeze is part of the 'Economic Fury' campaign, which targets the financial lifelines of the Iranian government. The Treasury's Office of Foreign Assets Control (OFAC) has sanctioned several crypto wallets linked to Iran, resulting in the freeze of $344 million in USDT. This action follows Tether's decision to blacklist two blockchain addresses holding $344 million in USDT. According to US officials, the sanctioned wallets have ties to the Iranian regime, including transactions with Iranian exchanges and connections to wallets associated with the Central Bank of Iran. The Iranian government has been using digital assets to conceal cross-border transactions, and the US is working to counter this by targeting both traditional front companies and the use of digital assets. The Treasury Department is collaborating with blockchain analytics firms and financial institutions to track illicit flows tied to sanctioned entities.