US Freezes $344 Million in USDT, Citing Ties to Iranian Regime

The US Treasury Department has announced a significant cryptocurrency freeze, valued at $344 million, as part of its efforts to disrupt financial networks linked to Iran. According to Treasury Secretary Scott Bessent, the Office of Foreign Assets Control (OFAC) has sanctioned multiple crypto wallets tied to Iran, resulting in the freeze. Bessent stated that the US will target all financial channels supporting the Iranian regime as part of its 'Economic Fury' campaign. The 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 connections to the Iranian regime, including transactions with Iranian exchanges and links to the Central Bank of Iran. The Iranian government has been increasingly using digital assets to conceal cross-border transactions, and the US is taking aggressive action against both traditional front companies and the use of digital assets to bypass restrictions. The Treasury Department is working with blockchain analytics firms and financial institutions to track illicit flows tied to sanctioned entities.