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

The US Treasury Department announced on Friday that it has frozen $344 million in cryptocurrency 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 several crypto wallets tied to Iran, resulting in the freeze of $344 million in cryptocurrency. Bessent stated that the US will target all financial channels supporting the Iranian regime as part of its 'Economic Fury' campaign. This move follows Tether's decision to blacklist two blockchain addresses on Tron, holding a total of $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's central bank has been using digital assets to conceal cross-border transactions. Authorities claimed that Iran has been increasingly relying on crypto to bypass restrictions, using complex transaction patterns to disguise its involvement in cross-border payments. 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 major role in Iran's oil economy. The US agency is working with blockchain analytics firms and coordinating with financial institutions to track illicit flows tied to sanctioned entities.