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

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. Treasury Secretary Scott Bessent stated that the Treasury's Office of Foreign Assets Control is imposing sanctions on multiple cryptocurrency wallets tied to Iran, resulting in the freeze of $344 million in cryptocurrency. Bessent added that the US will target all financial channels supporting the Iranian regime as part of its 'Economic Fury' campaign. The move follows Tether's decision to blacklist two blockchain addresses holding $344 million in USDT. According to a US official, the sanctioned wallets have significant connections to the Iranian regime, including transactions with Iranian exchanges and links to the Central Bank of Iran. The US claims that Iran has been using digital assets to conceal cross-border transactions and evade sanctions. The Treasury Department's Office of Foreign Assets Control is increasing pressure on both traditional front companies and the use of digital assets to curb illicit flows tied to sanctioned entities.