US Freezes $344 Million in Tether's USDT, Citing 'Economic Fury' Against Iranian Regime

In its latest move to disrupt Iranian financial networks, the US Treasury Department has frozen $344 million in cryptocurrency. This action is part of a broader campaign, dubbed 'Economic Fury', aimed at targeting the financial lifelines of the Iranian regime. According to Treasury Secretary Scott Bessent, the department's Office of Foreign Assets Control (OFAC) has sanctioned several crypto wallets linked to Iran, resulting in the freeze of $344 million in cryptocurrency. The US government is tracking the flow of money that Tehran is attempting to move outside of the country, with Bessent stating that all financial lifelines tied to the regime will be targeted. This move follows Tether's decision to blacklist two blockchain addresses on Tron, holding a combined total of $344 million in USDT. A US official revealed that the sanctioned wallets had significant links to the Iranian regime, including transactions with Iranian exchanges and connections to wallets associated with the Central Bank of Iran. The Iranian government has been increasingly using digital assets to conceal cross-border transactions. The Treasury Department's OFAC is taking aggressive action against both traditional front companies and the use of digital assets to increase pressure on the regime. Additionally, the US has 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 to track illicit flows tied to sanctioned entities.