US Freezes $344 Million in USDT, Citing Iran Sanctions and 'Economic Fury' Campaign

In its latest move to disrupt Iranian financial networks, the US Treasury Department has frozen $344 million in cryptocurrency, as part of a broader initiative dubbed 'Economic Fury'. 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. Bessent stated that the US will track and target all financial channels supporting the Iranian regime. The action 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 the Central Bank of Iran. The Iranian government has been increasingly relying on digital assets to conceal cross-border transactions. To counter this, the US Treasury's OFAC is taking aggressive action against both traditional front companies and the use of digital assets. Additionally, the US sanctioned a China-based refinery, accusing it of playing a major role in Iran's oil economy. The US agency is collaborating with blockchain analytics firms and financial institutions to track illicit flows linked to sanctioned entities.