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

The US Treasury Department announced on Friday that it 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 several cryptocurrency wallets tied to the Iranian regime, resulting in the freeze. Bessent stated that the US will continue to track and target all financial channels connected to the regime as part of its 'Economic Fury' campaign. The move follows Tether's decision to blacklist two blockchain addresses holding $344 million in USDT. A US official revealed 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 Iranian government has been increasingly using digital assets to conceal cross-border transactions and circumvent sanctions. The US Treasury Department is working to increase pressure on the regime by targeting both traditional front companies and the use of digital assets. The agency has also sanctioned a China-based refinery accused of supporting Iran's oil economy and is collaborating with blockchain analytics firms and financial institutions to track illicit flows tied to sanctioned entities.