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

In its latest bid to disrupt financial networks linked to Iran, the US Treasury Department has frozen $344 million in cryptocurrency. According to Treasury Secretary Scott Bessent, the Office of Foreign Assets Control (OFAC) has imposed sanctions on multiple crypto wallets tied to Iran, resulting in the freeze. Bessent stated that the US will track and 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 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 Treasury Department noted that Iran has been using digital assets to conceal cross-border transactions. To increase pressure, OFAC is taking aggressive action against both traditional front companies and the use of digital assets. The US agency is collaborating with blockchain analytics firms and financial institutions to track illicit flows tied to sanctioned entities.