US Freezes $344 Million in USDT, Citing Ties to Iranian Regime

The US Treasury has frozen $344 million in cryptocurrency as part of a broader effort to disrupt financial networks linked to Iran. According to Treasury Secretary Scott Bessent, the Office of Foreign Assets Control is targeting multiple crypto wallets tied to the Iranian regime. The move is part of a campaign known as 'Economic Fury', aimed at choking off all financial lifelines to the regime. The freeze follows the blacklisting of two blockchain addresses on Tron by stablecoin issuer Tether, holding a combined $344 million in USDT. US authorities claim the sanctioned wallets have material links to the Iranian regime, including transactions with Iranian exchanges and connections to the Central Bank of Iran. The Treasury Department says Iran's central bank has been using digital assets to conceal cross-border transactions. In response, the US is increasing pressure on both traditional front companies and the use of digital assets, while working with blockchain analytics firms and financial institutions to track illicit flows tied to sanctioned entities.