US Freezes $344 Million in Tether's 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, as part of its 'Economic Fury' campaign. According to Treasury Secretary Scott Bessent, the Office of Foreign Assets Control (OFAC) has sanctioned multiple crypto wallets linked to Iran, resulting in the freeze. Bessent stated that the US will target all financial channels supporting the Iranian regime, following the blacklisting of two blockchain addresses holding $344 million in USDT by stablecoin issuer Tether. A US official revealed that the sanctioned wallets had significant ties to the Iranian regime, including transactions with Iranian exchanges and connections to the Central Bank of Iran. The Treasury Department noted that Iran's central bank has been using digital assets to conceal cross-border transactions. Authorities claim that Iran has been increasingly relying on crypto to bypass restrictions, using complex transaction patterns to obscure its involvement in cross-border payments. The US is working with blockchain analytics firms and financial institutions to track illicit flows tied to sanctioned entities, and has also sanctioned a China-based refinery for its role in Iran's oil economy.