US Freezes $344 Million in USDT, Citing Economic Sanctions Against Iran

On Friday, the US Treasury Department announced that it had 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. The move is part of a campaign known as 'Economic Fury,' aimed at targeting all financial channels that support the Iranian regime. This action follows Tether's decision to blacklist two blockchain addresses holding $344 million in USDT. A US official stated that the sanctioned wallets had significant connections to the Iranian regime, including transactions with Iranian exchanges and links to the Central Bank of Iran. The Treasury Department believes that Iran has been using digital assets to conceal cross-border transactions and circumvent sanctions. To increase pressure, 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 coordinating with financial institutions to track illicit flows tied to sanctioned entities.