US Freezes $344 Million in USDT, Citing Iranian Regime's 'Financial Lifelines'

In its latest move to disrupt Iran's financial operations, the US Treasury Department has frozen $344 million in cryptocurrency, sanctioning multiple crypto wallets linked to the regime. According to Treasury Secretary Scott Bessent, the action is part of a broader initiative known as 'Economic Fury', aimed at severing all financial ties to the Iranian government. The freeze follows Tether's decision to blacklist two blockchain addresses holding $344 million in USDT. US officials claim the sanctioned wallets have significant connections to the Iranian regime, including transactions with Iranian exchanges and links to the Central Bank of Iran. The move is seen as an attempt to counter Iran's increasing use of digital assets to circumvent restrictions and facilitate cross-border transactions. The US Treasury's Office of Foreign Assets Control (OFAC) is working closely with blockchain analytics firms and financial institutions to track and disrupt illicit flows tied to sanctioned entities, including crypto exchanges.