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

The US Treasury Department announced on Friday that it has frozen $344 million in cryptocurrency as part of a broader effort to disrupt financial networks linked to Iran. Treasury Secretary Scott Bessent stated that the Office of Foreign Assets Control (OFAC) is targeting multiple crypto wallets tied to Iran, resulting in the freeze. Bessent explained that the US will track and target all financial channels supporting the Iranian regime as part of the 'Economic Fury' campaign. 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 significant connections to the Iranian regime, including transactions with Iranian exchanges and links to the Central Bank of Iran. The Treasury Department noted that Iran has been using digital assets to disguise cross-border transactions, and authorities are working to increase pressure on the regime by targeting both traditional front companies and digital asset use. The US agency is collaborating with blockchain analytics firms and financial institutions to track illicit flows tied to sanctioned entities.