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

In its latest move to disrupt Iran's financial networks, the US Treasury Department has frozen $344 million in cryptocurrency, citing the country's attempts to circumvent economic sanctions. According to Treasury Secretary Scott Bessent, the Office of Foreign Assets Control (OFAC) has sanctioned several crypto wallets linked to Iran, resulting in the freeze. Bessent stated that the US will continue to target all financial channels tied to 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. US officials claim that the sanctioned wallets have significant ties to the Iranian regime, including transactions with Iranian exchanges and connections to the Central Bank of Iran. Iran has been increasingly using digital assets to bypass restrictions and obscure cross-border transactions, prompting the US to take aggressive action against both traditional front companies and digital asset usage. The Treasury Department is working with blockchain analytics firms and financial institutions to track illicit flows tied to sanctioned entities.