US Freezes $344 Million in USDT, Citing Ties to Iran's Financial Network

The US Treasury Department announced on Friday a $344 million cryptocurrency freeze as part of its efforts to disrupt financial networks linked to Iran. According to Treasury Secretary Scott Bessent, the Office of Foreign Assets Control (OFAC) has sanctioned several crypto wallets tied to Iran, resulting in the freeze of $344 million in cryptocurrency. The move is part of a broader campaign, dubbed 'Economic Fury', aimed at targeting all financial lifelines tied to the Iranian regime. This follows Tether's decision to blacklist two blockchain addresses holding $344 million in USDT. A US official revealed that the sanctioned wallets had significant links to the Iranian regime, including transactions with Iranian exchanges and connections to the Central Bank of Iran. The Iranian government has been using digital assets to conceal cross-border transactions, and authorities are cracking down on these efforts. The US Treasury Department is working with blockchain analytics firms and financial institutions to track and disrupt illicit flows tied to sanctioned entities, including the recent sanctioning of a China-based refinery accused of supporting Iran's oil economy.