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 known as '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 of a substantial amount of cryptocurrency. Bessent emphasized that the US will track and target all financial channels supporting the Iranian regime. The freeze 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 links to the Central Bank of Iran. Iran has been increasingly using digital assets to circumvent restrictions and obscure cross-border transactions. The Treasury Department's OFAC is intensifying its efforts to combat both traditional front companies and the use of digital assets, while collaborating with blockchain analytics firms and financial institutions to track illicit flows tied to sanctioned entities.