US Freezes $344 Million in USDT, Citing Iran Sanctions and Economic Pressure

The US Treasury Department announced on Friday that it has frozen $344 million in cryptocurrency as part of a broader initiative to disrupt financial networks linked to Iran. According to Treasury Secretary Scott Bessent, the Office of Foreign Assets Control (OFAC) has imposed sanctions on several crypto wallets tied to Iran, resulting in the freeze of $344 million in cryptocurrency. Bessent stated that the US will track and target all financial channels supporting the Iranian regime as part of a campaign dubbed 'Economic Fury.' This move follows Tether's decision to blacklist two blockchain addresses on Tron, holding a combined 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 wallets associated with the Central Bank of Iran. The Treasury Department noted that Iran's central bank has been increasingly using digital assets to conceal cross-border transactions. Authorities stated that Iran has been relying on crypto to circumvent restrictions, using complex transaction patterns to disguise 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, according to the official. Meanwhile, the US sanctioned Hengli Petrochemical (Dalian) Refinery Co., accusing the China-based independent refineries of playing a significant role in Iran's oil economy. The US agency continues to collaborate with blockchain analytics firms and coordinate with financial institutions, including crypto exchanges, to track illicit flows tied to sanctioned entities.