US Freezes $344 Million in USDT, Citing 'Economic Fury' Against Iranian Regime

In its latest move to disrupt Iran's financial networks, the US Treasury Department has frozen $344 million in cryptocurrency, sanctioning multiple crypto wallets linked to the Iranian regime. According to Treasury Secretary Scott Bessent, the Office of Foreign Assets Control (OFAC) is taking aim at all financial channels supporting the regime, as part of a broader initiative known as 'Economic Fury.' The freeze follows Tether's decision to blacklist two blockchain addresses holding $344 million in USDT. A US official revealed that the sanctioned wallets had significant ties to the Iranian regime, including transactions with Iranian exchanges and connections to wallets associated with the Central Bank of Iran. The Iranian central bank has been increasingly relying on digital assets to conceal cross-border transactions. Authorities claim that Iran has been using complex transaction patterns to obscure its involvement in cross-border payments and support trade flows under sanctions pressure. The Treasury Department's OFAC is intensifying its efforts against both traditional front companies and the use of digital assets, while also working with blockchain analytics firms and coordinating with financial institutions to track illicit flows tied to sanctioned entities. Additionally, the US sanctioned Hengli Petrochemical (Dalian) Refinery Co., accusing the China-based refinery of playing a significant role in Iran's oil economy.