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

The US Treasury Department has announced the freezing of $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 (OFAC) has sanctioned several crypto wallets tied to Iran, resulting in the freeze of $344 million in cryptocurrency. Bessent stated that the US will target all financial channels linked to the Iranian regime as part of its 'Economic Fury' campaign. This move 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 US Treasury Department believes that Iran's central bank has been using digital assets to conceal cross-border transactions. Authorities claim that Iran has increasingly relied on cryptocurrency to bypass restrictions, using complex transaction patterns to obscure its involvement in cross-border payments and support trade flows under sanctions pressure. The Treasury Department's OFAC is intensifying its efforts against both traditional front companies and the use of digital assets. Additionally, the US sanctioned Hengli Petrochemical (Dalian) Refinery Co., accusing the China-based refinery of playing a significant role in Iran's oil economy. The US agency continues to collaborate with blockchain analytics firms and financial institutions, including crypto exchanges, to track illicit flows tied to sanctioned entities.