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, citing links to the Iranian regime. 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. The action is part of a broader campaign, dubbed 'Economic Fury', aimed at targeting all financial lifelines tied to the regime. The freeze follows Tether's blacklisting of two blockchain addresses holding $344 million in USDT. US officials claim the sanctioned wallets have material links to the Iranian regime, including transactions with Iranian exchanges and connections to wallets associated with the Central Bank of Iran. The Treasury Department says Iran has been using digital assets to mask cross-border transactions, and authorities are working to increase pressure on the regime by targeting both traditional front companies and digital asset transactions. The US agency is collaborating with blockchain analytics firms and financial institutions to track illicit flows tied to sanctioned entities.