US Freezes $344 Million in Tether's USDT, Citing Ties to Iran Regime

The US Treasury Department has frozen $344 million in cryptocurrency as part of a broader effort to disrupt financial networks linked to Iran. According to Treasury Secretary Scott Bessent, the Office of Foreign Assets Control (OFAC) has sanctioned multiple crypto wallets tied to Iran, resulting in the freeze of $344 million in cryptocurrency. Bessent stated that the US will target all financial lifelines supporting the Iranian regime, as part of a campaign known as 'Economic Fury'. This 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. Iran's central bank has been using digital assets to conceal cross-border transactions, and authorities claim that the country has been increasingly relying on crypto to bypass restrictions. The US is working with blockchain analytics firms and financial institutions to track illicit flows tied to sanctioned entities, and has also sanctioned a China-based refinery for its role in Iran's oil economy.