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

The US Treasury Department announced on Friday that it has frozen $344 million in cryptocurrency as part of a broader effort to disrupt Iran's financial networks. According to Treasury Secretary Scott Bessent, the Office of Foreign Assets Control (OFAC) has sanctioned several crypto wallets linked to Iran, resulting in the freeze of $344 million in cryptocurrency. Bessent stated that the US will track and target all financial channels tied to the Iranian regime as part of its 'Economic Fury' campaign. This move follows Tether's decision to blacklist two blockchain addresses holding $344 million in USDT. A US official revealed that the sanctioned wallets had significant ties to the Iranian regime, including transactions with Iranian exchanges and connections to wallets associated with the Central Bank of Iran. The Treasury Department noted that Iran has been increasingly using digital assets to conceal its cross-border transactions and circumvent restrictions. To counter this, OFAC is taking aggressive action against both traditional front companies and the use of digital assets. The US agency is working with blockchain analytics firms and coordinating with financial institutions to track illicit flows linked to sanctioned entities.