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

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 department's Office of Foreign Assets Control is targeting multiple crypto wallets tied to the Iranian regime, resulting in the freeze of $344 million in cryptocurrency. The move is part of a campaign dubbed 'Economic Fury', aimed at choking off all financial lifelines to the regime. The freeze follows Tether's decision to blacklist 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 accuses Iran of using digital assets to mask cross-border transactions and bypass restrictions, and is working with blockchain analytics firms and financial institutions to track illicit flows tied to sanctioned entities.