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

In its latest move to disrupt Iranian financial networks, 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 sanctioned multiple crypto wallets linked 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 regime, as part of a broader effort to strangle Iran's economy. This development follows Tether's decision to blacklist two blockchain addresses on Tron, holding a combined $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 Treasury Department noted that Iran's central bank has been increasingly relying on digital assets to conceal cross-border transactions. Authorities accused Iran of using complex transaction patterns and crypto to circumvent restrictions and support trade flows under sanctions pressure. To combat this, the Treasury's OFAC is taking aggressive action against both traditional front companies and the use of digital assets. The US agency also sanctioned a China-based refinery, Hengli Petrochemical (Dalian) Refinery Co., for its alleged role in Iran's oil economy. The Treasury Department continues to collaborate with blockchain analytics firms and financial institutions, including crypto exchanges, to track illicit flows tied to sanctioned entities.