US Freezes $344 Million in Tether's USDT, Citing Iran Sanctions

In its latest move to disrupt Iranian financial networks, the US Treasury Department has frozen $344 million in cryptocurrency, citing links to the Iranian regime. Treasury Secretary Scott Bessent stated that the department's Office of Foreign Assets Control is targeting and sanctioning multiple cryptocurrency wallets tied to Iran, resulting in the freeze. Bessent noted that the US will pursue all financial channels used by Tehran, as part of a broader campaign known as 'Economic Fury'. This action follows Tether's decision to blacklist two blockchain addresses holding $344 million in USDT. According to US officials, the sanctioned wallets have significant connections to the Iranian regime, including transactions with Iranian exchanges and links to the Central Bank of Iran. The Iranian government has increasingly relied on digital assets to conceal cross-border transactions and circumvent sanctions. The US Treasury Department is intensifying its efforts to counter these actions by targeting both traditional front companies and the use of digital assets. Additionally, the department sanctioned a China-based refinery, accusing it of playing a key role in Iran's oil economy. The US agency continues to collaborate with blockchain analytics firms and financial institutions to track illicit flows linked to sanctioned entities.