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. According to Treasury Secretary Scott Bessent, the Office of Foreign Assets Control (OFAC) has sanctioned several crypto wallets linked to Iran, resulting in the freeze. Bessent stated that the US will target all financial channels tied to the Iranian regime as part of its 'Economic Fury' campaign. The freeze comes after Tether blacklisted two blockchain addresses holding $344 million in USDT. US officials claim the sanctioned wallets have significant ties to the Iranian regime, including transactions with Iranian exchanges and connections to the Central Bank of Iran. The Iranian government has been using digital assets to conceal cross-border transactions, and the US is increasing pressure by targeting both traditional front companies and digital asset usage. The Treasury Department is working with blockchain analytics firms and financial institutions to track illicit flows tied to sanctioned entities, and has also sanctioned a China-based refinery for its role in Iran's oil economy.