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

The US Treasury Department announced on Friday that it has frozen $344 million in cryptocurrency as part of its efforts to disrupt financial networks linked to Iran. According to Treasury Secretary Scott Bessent, the department's Office of Foreign Assets Control (OFAC) has sanctioned several crypto wallets tied to Iran, resulting in the freeze of $344 million in cryptocurrency. Bessent stated that the US will 'follow the money' and target all financial channels supporting 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. A US official revealed that the sanctioned wallets had significant connections to the Iranian regime, including transactions with Iranian exchanges and links to the Central Bank of Iran. The Iranian government has been increasingly using digital assets to conceal cross-border transactions and bypass restrictions. The US Treasury Department is working to increase pressure on the regime by targeting both traditional front companies and the use of digital assets, and has also sanctioned a China-based refinery for its role in Iran's oil economy. The department is collaborating with blockchain analytics firms and financial institutions to track illicit flows linked to sanctioned entities.