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

In its latest move to disrupt Iran's financial networks, the US Treasury Department has frozen $344 million in cryptocurrency, as part of a broader initiative known as 'Economic Fury'. This action follows the blacklisting of two blockchain addresses on the Tron network by Tether, holding a combined $344 million in USDT. According to Treasury Secretary Scott Bessent, the Office of Foreign Assets Control (OFAC) is taking steps to sanction multiple crypto wallets linked to Iran, effectively freezing the associated cryptocurrency funds. Bessent stated that the US will pursue all financial channels that Tehran is attempting to utilize, aiming to sever the regime's access to international finance. The sanctioned wallets have been found to have significant ties to the Iranian regime, including transactions with Iranian exchanges and connections to wallets associated with the Central Bank of Iran. As Iran's central bank increasingly resorts to digital assets to conceal cross-border transactions, the US is responding by intensifying its crackdown on both traditional front companies and the use of digital assets. The Treasury Department's OFAC is working closely with blockchain analytics firms and financial institutions, including crypto exchanges, to track and disrupt illicit financial flows linked to sanctioned entities.