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

In its latest move to disrupt Iranian financial networks, the US Treasury Department has frozen $344 million in cryptocurrency. According to Treasury Secretary Scott Bessent, the department's Office of Foreign Assets Control is imposing sanctions on multiple cryptocurrency wallets linked to Iran, resulting in the freeze of $344 million in cryptocurrency. Bessent stated that the US will track and target all financial channels tied to the Iranian regime as part of its 'Economic Fury' campaign. The freeze is connected to 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 attempting to use digital assets to conceal cross-border transactions. To counter this, the US Treasury Department is increasing pressure by targeting both traditional front companies and the use of digital assets. The department also sanctioned a China-based refinery, accusing it of playing a major role in Iran's oil economy. The US agency is working with blockchain analytics firms and coordinating with financial institutions to track illicit flows tied to sanctioned entities.