US Imposes $344 Million USDT Freeze in Latest Move Against Iran Regime

The US Treasury Department has announced the freezing of $344 million in cryptocurrency as part of a broader initiative to disrupt financial networks linked to Iran. In a recent post, Treasury Secretary Scott Bessent stated that the Office of Foreign Assets Control (OFAC) is imposing sanctions on multiple crypto wallets tied to Iran, resulting in the freeze of $344 million in cryptocurrency. Bessent emphasized that the US will track and target all financial channels connected to the regime as part of its 'Economic Fury' campaign. This move follows Tether's decision to blacklist two blockchain addresses on Tron holding $344 million in USDT. According to a US official, the sanctioned wallets have significant ties to the Iranian regime, including transactions with Iranian exchanges and connections to wallets associated with the Central Bank of Iran. The Treasury Department has noted that Iran's central bank has been increasingly using digital assets to conceal cross-border transactions. Authorities have observed that Iran has been relying on crypto to bypass restrictions, using complex transaction patterns to obscure its involvement in cross-border payments and support trade flows under sanctions pressure. The OFAC is taking aggressive action against both traditional front companies and the use of digital assets, while also working with blockchain analytics firms and financial institutions to track illicit flows tied to sanctioned entities.