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

The US Treasury Department has 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 Office of Foreign Assets Control (OFAC) has sanctioned multiple crypto wallets tied to Iran, resulting in the freeze of $344 million in cryptocurrency. The move is part of a campaign dubbed 'Economic Fury', aimed at targeting all financial lifelines connected to the Iranian regime. The action follows Tether's decision to blacklist two blockchain addresses on Tron, holding $344 million in USDT. US officials claim the sanctioned wallets have significant links to the Iranian regime, including transactions with Iranian exchanges and connections to the Central Bank of Iran. The Treasury Department believes Iran's central bank is using digital assets to conceal cross-border transactions. Authorities have seen an increase in Iran's use of crypto to bypass restrictions, using complex transaction patterns to obscure involvement in cross-border payments and support trade flows under sanctions pressure. The OFAC is taking aggressive action against traditional front companies and the use of digital assets, while also working with blockchain analytics firms and financial institutions to track illicit flows tied to sanctioned entities.