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

In its latest move to disrupt Iran's financial networks, the US Treasury Department has frozen $344 million in cryptocurrency, sanctioning multiple crypto wallets linked to the Iranian regime. According to Treasury Secretary Scott Bessent, the Office of Foreign Assets Control (OFAC) is working to sever all financial lifelines to the regime as part of a broader campaign known as 'Economic Fury'. This effort follows Tether's decision to blacklist two blockchain addresses holding $344 million in USDT. The sanctioned wallets allegedly showed significant ties to the Iranian regime, including transactions with Iranian exchanges and connections to the Central Bank of Iran. The US claims that Iran has been increasingly relying on digital assets to circumvent restrictions and obscure cross-border transactions. In response, the Treasury's OFAC is cracking down on both traditional front companies and the use of digital assets, with the goal of intensifying pressure on the regime. The US agency is collaborating with blockchain analytics firms and financial institutions to track and disrupt illicit flows tied to sanctioned entities.