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

The US Treasury Department has announced a significant cryptocurrency freeze, worth $344 million, as part of a broader effort to disrupt financial networks linked to Iran. 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 of $344 million in cryptocurrency. Bessent stated that the US will track and target all financial channels supporting the Iranian regime, as part of a campaign known as 'Economic Fury'. This move follows Tether's decision to blacklist two blockchain addresses on Tron, holding a combined $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 believes that Iran's central bank is utilizing digital assets to conceal cross-border transactions. Authorities claim that Iran is increasingly relying 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 Treasury's OFAC is intensifying its efforts against both traditional front companies and the use of digital assets, while also sanctioning companies like Hengli Petrochemical (Dalian) Refinery Co., accused of playing a major role in Iran's oil economy. The US agency is working closely with blockchain analytics firms and financial institutions, including crypto exchanges, to track illicit flows tied to sanctioned entities.