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

In its latest move to cripple Iran's financial capabilities, the US Treasury Department has frozen $344 million in cryptocurrency, marking a significant escalation in the US government's 'Economic Fury' campaign against the Iranian regime. According to Treasury Secretary Scott Bessent, the Office of Foreign Assets Control (OFAC) has sanctioned multiple cryptocurrency wallets linked to Iran, resulting in the freeze of substantial cryptocurrency assets. The US government is committed to tracking and disrupting the flow of funds that Iran is desperately trying to move outside of the country, targeting all financial channels that support the regime. This move follows the blacklisting of two blockchain addresses on Tron by stablecoin issuer Tether, which held a combined total of $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 intermediary addresses associated with the Central Bank of Iran. The Iranian government has been increasingly relying on digital assets to conceal its cross-border transactions, prompting the US Treasury Department to take aggressive action against both traditional front companies and the use of digital assets. As part of its broader campaign, the US has also sanctioned Hengli Petrochemical (Dalian) Refinery Co., a China-based refinery accused of playing a major role in Iran's oil economy. The US agency is working closely with blockchain analytics firms and financial institutions, including crypto exchanges, to track and disrupt illicit flows tied to sanctioned entities.