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

The US Treasury Department has announced the freezing of $344 million in cryptocurrency as part of its efforts to disrupt financial networks linked to Iran. This move is part of a broader initiative known as 'Economic Fury', aimed at choking off all financial lifelines to the Iranian regime. According to Treasury Secretary Scott Bessent, the Office of Foreign Assets Control (OFAC) has sanctioned several crypto wallets tied to Iran, resulting in the freeze of $344 million in cryptocurrency. The action follows Tether's decision to blacklist two blockchain addresses holding $344 million in USDT. US officials claim the sanctioned wallets have significant links to the Iranian regime, including transactions with Iranian exchanges and connections to wallets associated with the Central Bank of Iran. The Iranian central bank has been attempting to use digital assets to conceal its cross-border transactions. The US authorities are increasing pressure on Iran by targeting both traditional front companies and the use of digital assets, and have also sanctioned a China-based refinery accused of supporting Iran's oil economy. The Treasury Department is working with blockchain analytics firms and coordinating with financial institutions to track illicit flows tied to sanctioned entities.