US Freezes $344 Million in Tether's USDT, Citing Iran Sanctions

In its latest move to disrupt Iran's financial networks, the US Treasury Department has frozen $344 million in cryptocurrency, citing links to the Iranian regime. 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. The effort is part of a broader campaign known as 'Economic Fury,' aimed at targeting the regime's financial lifelines. This move follows Tether's decision to blacklist two blockchain addresses holding $344 million in USDT. US officials claim the sanctioned wallets have material links to the Iranian regime, including transactions with Iranian exchanges and connections to the Central Bank of Iran. The Treasury Department says Iran has been using digital assets to conceal cross-border transactions, and authorities are working to increase pressure on the regime by targeting both traditional front companies and digital asset usage. The US agency is collaborating with blockchain analytics firms and financial institutions to track illicit flows tied to sanctioned entities.