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

In its latest move to disrupt Iranian financial networks, the US Treasury Department has frozen $344 million in cryptocurrency. According to Treasury Secretary Scott Bessent, the department's Office of Foreign Assets Control is imposing sanctions on multiple crypto wallets linked to Iran, resulting in the freeze. Bessent stated that the US will track and target all financial channels tied to the Iranian regime as part of its 'Economic Fury' campaign. This 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 connections to the Iranian regime, including transactions with Iranian exchanges and links to the Central Bank of Iran. The Treasury Department believes that Iran's central bank is using digital assets to conceal cross-border transactions. The US is increasing pressure on Iran by targeting both traditional front companies and the use of digital assets. Additionally, the US sanctioned a China-based refinery, accusing it of playing a key role in Iran's oil economy. The US agency is working with blockchain analytics firms and financial institutions to track illicit flows tied to sanctioned entities.