US Freezes $344 Million in USDT, Citing Ties to Iran's Financial Networks

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 with ties to Iran, resulting in the freeze. The action is part of a broader initiative known as 'Economic Fury,' aimed at targeting all financial channels supporting the regime. This follows Tether's decision to blacklist two blockchain addresses holding $344 million in USDT. US officials claim the sanctioned wallets have significant connections to the Iranian regime, including transactions with Iranian exchanges and links to the Central Bank of Iran. The move is part of a larger effort to counter Iran's increasing use of cryptocurrency to bypass restrictions and obscure cross-border transactions. The US is working with blockchain analytics firms and financial institutions to track and disrupt illicit financial flows tied to sanctioned entities, including the recent sanctioning of a China-based refinery accused of supporting Iran's oil economy.