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, citing links to the Iranian regime. According to Treasury Secretary Scott Bessent, the department's Office of Foreign Assets Control (OFAC) has sanctioned several crypto wallets tied to Iran, resulting in the freeze. Bessent stated that the US will track and target all financial channels connected to the regime as part of its 'Economic Fury' campaign. The move follows Tether's blacklisting of two blockchain addresses holding $344 million in USDT. US officials claim the sanctioned wallets have significant ties to the Iranian regime, including transactions with Iranian exchanges and connections to the Central Bank of Iran. The Treasury Department alleges that Iran's central bank has been using digital assets to conceal cross-border transactions. Authorities say Iran has increasingly relied on crypto to circumvent restrictions, using complex transaction patterns to disguise its involvement in cross-border payments. 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 accused of supporting Iran's oil economy.