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

The US Treasury Department has announced the freezing of $344 million in cryptocurrency as part of a broader effort to disrupt Iran's financial networks. According to Treasury Secretary Scott Bessent, the Office of Foreign Assets Control (OFAC) has sanctioned several crypto wallets linked to Iran, resulting in the freeze of a significant amount of cryptocurrency. Bessent stated that the US will target all financial channels tied to the Iranian regime, as part of a campaign dubbed 'Economic Fury'. This move follows the blacklisting of two blockchain addresses on Tron by stablecoin issuer Tether, which held a combined total of $344 million in USDT. A US official revealed that the sanctioned wallets had significant links to the Iranian regime, including transactions with Iranian exchanges and connections to the Central Bank of Iran. The Iranian government has been increasingly using digital assets to circumvent restrictions and obscure cross-border transactions. The US Treasury Department's OFAC is taking aggressive action against both traditional front companies and the use of digital assets to increase pressure on the regime. Additionally, the US has sanctioned a China-based refinery, accusing it of playing a major role in Iran's oil economy. The Treasury Department continues to collaborate with blockchain analytics firms and financial institutions to track illicit flows tied to sanctioned entities.