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

In its latest move to disrupt Iran's financial operations, the US Treasury Department has frozen $344 million in cryptocurrency, citing links to the Iranian regime. According to Treasury Secretary Scott Bessent, the department's Office of Foreign Assets Control (OFAC) has sanctioned several cryptocurrency wallets with ties to Iran, resulting in the freeze of $344 million in digital assets. The effort is part of a broader initiative dubbed 'Economic Fury', aimed at targeting all financial channels that support the Iranian regime. The freeze comes after Tether, a stablecoin issuer, blacklisted two blockchain addresses holding $344 million in USDT. US officials claim that the sanctioned wallets have significant connections to the Iranian regime, including transactions with Iranian exchanges and links to the Central Bank of Iran. The Iranian government has been increasingly relying on digital assets to circumvent restrictions and obscure cross-border transactions. The US Treasury Department is working to intensify pressure on the regime by targeting both traditional front companies and digital asset transactions. The department has also sanctioned a China-based refinery, accusing it of playing a key role in Iran's oil economy. The US agency is collaborating with blockchain analytics firms and financial institutions to track and disrupt illicit financial flows linked to sanctioned entities.