US Imposes $344 Million USDT Freeze in Latest Move Against Iran Regime

In its most recent effort to disrupt Iran's financial networks, the US Treasury Department announced a $344 million cryptocurrency freeze on Friday. According to Treasury Secretary Scott Bessent, the Office of Foreign Assets Control (OFAC) has imposed sanctions on multiple crypto 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 supporting the regime as part of its 'Economic Fury' campaign. 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 ties to the Iranian regime, including transactions with Iranian exchanges and connections to wallets associated with the Central Bank of Iran. The Treasury Department noted that Iran's central bank has been using digital assets to conceal cross-border transactions. Authorities claim that Iran has increasingly relied on cryptocurrency to circumvent restrictions, using complex transaction patterns to disguise its involvement in cross-border payments and support trade flows under sanctions pressure. The OFAC is intensifying its efforts against both traditional front companies and the use of digital assets. Additionally, the US sanctioned Hengli Petrochemical (Dalian) Refinery Co., accusing the China-based refinery of playing a significant role in Iran's oil economy. The US agency continues to collaborate with blockchain analytics firms and financial institutions, including crypto exchanges, to track illicit flows tied to sanctioned entities.