US Freezes $344 Million in Tether's USDT, Citing 'Economic Fury' Against Iranian Regime

In a recent move, the US Treasury Department has frozen $344 million in cryptocurrency as part of its efforts to disrupt financial networks linked to Iran. This action is part of a broader initiative, dubbed 'Economic Fury,' aimed at targeting the financial lifelines of the Iranian regime. Secretary Scott Bessent stated that the Treasury's Office of Foreign Assets Control (OFAC) has sanctioned multiple crypto wallets tied to Iran, resulting in the freeze of $344 million in cryptocurrency. The US is tracking the flow of money that Tehran is attempting to move outside the country, with the goal of cutting off all financial support to the regime. This move follows Tether's decision to blacklist two blockchain addresses holding $344 million in USDT. According to a US official, the sanctioned wallets have shown significant links to the Iranian regime, including transactions with Iranian exchanges and connections to wallets associated with the Central Bank of Iran. The Iranian central bank has been using digital assets to conceal cross-border transactions. Authorities have noted that Iran has increasingly turned to cryptocurrency to bypass restrictions, using complex transaction patterns to obscure its involvement in cross-border payments and support trade flows under sanctions pressure. The Treasury Department's OFAC is taking aggressive action against both traditional front companies and the use of digital assets, while also maintaining coordination with blockchain analytics firms and financial institutions to track illicit flows tied to sanctioned entities.