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

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 department's Office of Foreign Assets Control (OFAC) has imposed sanctions on multiple cryptocurrency wallets linked to Iran, resulting in the freeze of $344 million in cryptocurrency. Bessent stated that the US will track and target all financial channels tied to the Iranian regime, as Tehran attempts to move funds outside the country. The sanctions follow Tether's decision to blacklist two blockchain addresses on Tron, holding a combined $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 US Treasury Department believes that Iran's central bank is increasingly using 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 traditional front companies and the use of digital assets, while also sanctioning companies like Hengli Petrochemical (Dalian) Refinery Co., accused of playing a major role in Iran's oil economy. The US agency is working with blockchain analytics firms and coordinating with financial institutions to track illicit flows tied to sanctioned entities.