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

The US Treasury Department has announced the freezing of $344 million in cryptocurrency as part of a broader effort to disrupt financial networks linked to Iran. According to Treasury Secretary Scott Bessent, the Office of Foreign Assets Control (OFAC) is targeting multiple crypto wallets tied to the Iranian regime, resulting in the freeze of a significant amount of cryptocurrency. The move is part of a campaign dubbed 'Economic Fury,' which aims to choke off all financial lifelines to the regime. The action follows Tether's decision to blacklist two blockchain addresses holding $344 million in USDT. US officials claim the sanctioned wallets have links to the Iranian regime, including transactions with Iranian exchanges and connections to the Central Bank of Iran. The Iranian government has been attempting to use digital assets to conceal cross-border transactions and bypass restrictions. The US is working to increase pressure on the regime by targeting both traditional front companies and the use of digital assets. The US agency is collaborating with blockchain analytics firms and financial institutions to track illicit flows tied to sanctioned entities.