US Freezes $344 Million in Tether's USDT, Citing Iran Sanctions

The US Treasury Department announced on Friday that it has frozen $344 million in cryptocurrency as part of its efforts to disrupt financial networks linked to Iran. According to Treasury Secretary Scott Bessent, the Office of Foreign Assets Control (OFAC) has sanctioned several crypto wallets tied to the Iranian regime, resulting in the freeze of $344 million in USDT. Bessent stated that the US will target all financial channels supporting the Iranian regime as part of its 'Economic Fury' campaign. The move follows Tether's decision to blacklist two blockchain addresses holding $344 million in USDT. A US official revealed that the sanctioned wallets had significant connections to the Iranian regime, including transactions with Iranian exchanges and links to the Central Bank of Iran. The Treasury Department noted that Iran's central bank has been using digital assets to disguise its cross-border transactions. The US authorities are increasing pressure on Iran by taking action against both traditional front companies and the use of digital assets. The OFAC has also sanctioned a China-based refinery, accusing it of playing a key role in Iran's oil economy. The US agency is working with blockchain analytics firms and financial institutions to track illicit flows linked to sanctioned entities.