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

The US Treasury Department announced on Friday that it has frozen $344 million in cryptocurrency as part of a broader effort to disrupt financial networks linked to Iran. 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 of $344 million in cryptocurrency. Bessent stated that the US will continue to track and target financial lifelines supporting the Iranian regime as part of its 'Economic Fury' campaign. The 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 ties to the Central Bank of Iran. The Treasury Department noted that Iran has been increasingly using digital assets to conceal cross-border transactions and circumvent sanctions. To counter this, the OFAC is taking aggressive action against both traditional front companies and the use of digital assets. The US agency is working with blockchain analytics firms and financial institutions to track and disrupt illicit flows tied to sanctioned entities.