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

In its latest move to disrupt Iran's financial operations, the US Treasury Department has frozen $344 million in cryptocurrency, marking a significant escalation in the US government's 'Economic Fury' campaign against the Iranian regime. According to Treasury Secretary Scott Bessent, the Office of Foreign Assets Control (OFAC) has imposed sanctions on multiple cryptocurrency wallets linked to Iran, resulting in the freeze of a substantial amount of digital assets. Bessent emphasized that the US will pursue all financial channels used by Tehran, targeting every lifeline that supports the regime. The action follows Tether's decision to blacklist two blockchain addresses holding $344 million in USDT. A US official revealed that the sanctioned wallets had significant 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 increasingly relying on digital assets to conceal its cross-border transactions, prompting the US to intensify its crackdown on the use of cryptocurrencies to circumvent sanctions. As part of its efforts, the Treasury Department's OFAC is working closely with blockchain analytics firms and financial institutions, including crypto exchanges, to track and disrupt illicit financial flows linked to sanctioned entities.