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, with Treasury Secretary Scott Bessent stating that the US will pursue all financial channels used by Tehran. The freeze is part of the 'Economic Fury' campaign, which aims to cripple the Iranian regime's financial capabilities. The action follows Tether's decision to blacklist two blockchain addresses holding $344 million in USDT. According to US officials, the sanctioned wallets have significant ties to the Iranian regime, including transactions with Iranian exchanges and connections to the Central Bank of Iran. The US Treasury Department's Office of Foreign Assets Control (OFAC) is working to increase pressure on Iran by targeting both traditional front companies and the use of digital assets. Iran has been increasingly relying on cryptocurrency to circumvent restrictions and obscure its involvement in cross-border transactions. The US agency is collaborating with blockchain analytics firms and financial institutions to track illicit flows linked to sanctioned entities.