US Freezes $344 Million in 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, citing links 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. Bessent stated that the US will track and target all financial channels supporting the regime as part of its 'Economic Fury' campaign. This action follows Tether's decision to blacklist two blockchain addresses holding $344 million in USDT. A US official revealed that the sanctioned wallets showed significant connections to the Iranian regime, including transactions with Iranian exchanges and links to the Central Bank of Iran. The Treasury Department noted that Iran has been using digital assets to conceal cross-border transactions, prompting authorities to increase pressure on both traditional front companies and digital asset usage. The US agency 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.