US Freezes $344 Million in USDT, Citing Ties to Iran's Financial Network

The US Treasury Department announced on Friday that it has frozen $344 million in cryptocurrency as part of a broader effort to disrupt financial networks linked to Iran. According to Treasury Secretary Scott Bessent, the department's Office of Foreign Assets Control (OFAC) has sanctioned several cryptocurrency wallets tied to Iran, resulting in the freeze. Bessent stated that the US will track and target all financial channels supporting the Iranian regime as part of a campaign dubbed 'Economic Fury.' The move follows an action by Tether, which blacklisted 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 Treasury Department noted that Iran has been increasingly using digital assets to conceal cross-border transactions and circumvent restrictions. The US 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.