US Freezes $344 Million in USDT, Citing Iran Sanctions and 'Economic Fury' Campaign

In its latest move to disrupt Iran's financial networks, the US Treasury Department has frozen $344 million in cryptocurrency, as part of a broader campaign to economically isolate the Iranian regime. According to Treasury Secretary Scott Bessent, the Office of Foreign Assets Control (OFAC) has sanctioned several cryptocurrency wallets linked to Iran, resulting in the freeze of $344 million in digital assets. Bessent stated that the US will pursue all financial channels used by Tehran, as part of the 'Economic Fury' initiative. This development follows Tether's decision to blacklist two blockchain addresses holding $344 million in USDT. A US official revealed that the sanctioned wallets had significant ties to the Iranian regime, including transactions with Iranian exchanges and connections to wallets associated with the Central Bank of Iran. The US Treasury Department believes that Iran's central bank is increasingly relying on digital assets to conceal cross-border transactions. Authorities have observed that Iran is using more complex transaction patterns to obscure its involvement in international payments and support trade flows under sanctions pressure. The OFAC is taking aggressive action against both traditional front companies and the use of digital assets, while working with blockchain analytics firms and financial institutions to track illicit flows tied to sanctioned entities.