US Freezes $344 Million in Tether's USDT, Citing Economic Pressure on Iran

The US Treasury Department has frozen $344 million in cryptocurrency as part of a broader campaign to disrupt Iran's financial networks. According to Treasury Secretary Scott Bessent, the Office of Foreign Assets Control is targeting multiple crypto wallets linked to Iran, 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 Iranian regime. The freeze follows Tether's blacklisting of two blockchain addresses holding $344 million in USDT. US officials claim the sanctioned wallets have ties to the Iranian regime, including transactions with Iranian exchanges and connections to the Central Bank of Iran. The Treasury Department alleges that Iran has been using digital assets to conceal cross-border transactions and circumvent sanctions. To counter this, the US is working with blockchain analytics firms and coordinating with financial institutions to track illicit flows tied to sanctioned entities.