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

In its latest move to disrupt Iran's financial operations, the US Treasury Department has frozen $344 million in cryptocurrency, citing the regime's attempts to bypass economic sanctions. 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 a substantial amount of cryptocurrency. As part of the 'Economic Fury' campaign, the US aims to track and target all financial channels tied to the Iranian regime. This development follows Tether's decision to blacklist two blockchain addresses holding $344 million in USDT. A US official revealed that the sanctioned wallets had significant connections to the Iranian regime, including transactions with Iranian exchanges and links to the Central Bank of Iran. The Iranian government has been increasingly relying on digital assets to conceal cross-border transactions and circumvent sanctions. To counter this, the US Treasury Department's OFAC is taking aggressive action against both traditional front companies and the use of digital assets. The US agency is working closely with blockchain analytics firms and financial institutions, including crypto exchanges, to monitor and track illicit financial flows linked to sanctioned entities.