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

In its latest move to disrupt Iran's financial networks, the US Treasury Department has frozen $344 million in cryptocurrency, citing links to the Iranian regime. Treasury Secretary Scott Bessent stated that the department's Office of Foreign Assets Control (OFAC) is sanctioning multiple crypto wallets tied to Iran, resulting in the freeze. This action is part of a broader initiative, dubbed 'Economic Fury,' aimed at choking off all financial lifelines to the regime. The move follows Tether's decision to blacklist two blockchain addresses holding $344 million in USDT. According to US officials, the sanctioned wallets have been linked to the Iranian regime through transactions with Iranian exchanges and connections to the Central Bank of Iran. Iran has increasingly relied on cryptocurrency to circumvent restrictions, using complex transaction patterns to conceal its involvement in cross-border payments. The US Treasury Department is working with blockchain analytics firms and financial institutions to track and disrupt illicit flows tied to sanctioned entities, including the use of digital assets.