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

The US Treasury Department announced on Friday that it has frozen $344 million in cryptocurrency as part of its efforts to disrupt Iran's financial networks. Treasury Secretary Scott Bessent stated that the Office of Foreign Assets Control (OFAC) has sanctioned several crypto wallets linked to Iran, resulting in the freeze of $344 million in cryptocurrency. Bessent explained that the US will track and target all financial channels tied to the Iranian regime as part of its 'Economic Fury' campaign. This 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 Treasury Department noted that Iran's central bank has been using digital assets to conceal cross-border transactions. Authorities stated that Iran has been increasingly using crypto to evade restrictions, employing complex transaction patterns to obscure its involvement in cross-border payments. The US is working with blockchain analytics firms and financial institutions, including crypto exchanges, to track illicit flows tied to sanctioned entities.