US Freezes $344 Million in Tether's USDT, Citing Ties to Iran Regime

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. According to Treasury Secretary Scott Bessent, the Office of Foreign Assets Control (OFAC) has sanctioned several crypto wallets tied to the Iranian regime, resulting in the freeze of $344 million in cryptocurrency. Bessent stated that the US will track and target all financial channels connected to the regime, as part of a campaign known as 'Economic Fury.' This move follows Tether's decision to blacklist two blockchain addresses on Tron, holding a combined total of $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 wallets associated with the Central Bank of Iran. The Iranian government has been attempting to use digital assets to conceal its cross-border transactions, but the US is increasing pressure by targeting both traditional front companies and the use of digital assets. The Treasury Department's OFAC is working with blockchain analytics firms and coordinating with financial institutions to track illicit flows tied to sanctioned entities.