US Freezes $344 Million in Tether's USDT, Citing Iran Sanctions

In its latest move to disrupt Iran's financial networks, the US Treasury Department has frozen $344 million in cryptocurrency, targeting wallets with ties to the Iranian regime. According to Treasury Secretary Scott Bessent, the action is part of a broader effort to cut off all financial lifelines to the regime. The freeze follows Tether's decision to blacklist two blockchain addresses holding $344 million in USDT. US authorities 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 move is seen as part of a larger campaign to counter Iran's use of digital assets to circumvent sanctions and facilitate cross-border transactions. The US Treasury's Office of Foreign Assets Control (OFAC) is working with blockchain analytics firms and financial institutions to track and disrupt illicit flows tied to sanctioned entities.