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

The US Treasury Department announced on Friday that it has frozen $344 million in cryptocurrency as part of a broader effort to disrupt Iran's financial networks. Treasury Secretary Scott Bessent stated that the Office of Foreign Assets Control (OFAC) has sanctioned several crypto wallets linked to Iran, resulting in the freeze of $344 million in cryptocurrency. Bessent explained that the US will track and target all financial channels tied to the regime, as part of the 'Economic Fury' campaign. This move follows Tether's decision to blacklist two blockchain addresses on Tron, holding a total of $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 conceal cross-border transactions. Authorities stated that Iran has been 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 Treasury's OFAC is taking aggressive action against both traditional front companies and the use of digital assets, while also sanctioning companies like Hengli Petrochemical (Dalian) Refinery Co., accused of playing a major role in Iran's oil economy. The US agency is working with blockchain analytics firms and coordinating with financial institutions, including crypto exchanges, to track illicit flows tied to sanctioned entities.