US Freezes $344 Million in USDT, Citing 'Economic Fury' Against Iranian 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. Treasury Secretary Scott Bessent stated that the Treasury's Office of Foreign Assets Control is imposing sanctions on multiple cryptocurrency wallets tied to Iran, resulting in the freeze of $344 million in cryptocurrency. Bessent noted that the effort is part of a campaign called 'Economic Fury,' aimed at targeting all financial lifelines connected to the regime. The move follows Tether's decision to blacklist two blockchain addresses on Tron holding $344 million in USDT. According to a US official, the sanctioned wallets showed significant links to the Iranian regime, including transactions with Iranian exchanges and connections to wallets associated with the Central Bank of Iran. The Treasury Department believes that Iran's central bank has been using digital assets to conceal cross-border transactions. Authorities claim that Iran has been increasingly using cryptocurrency to circumvent restrictions, employing complex transaction patterns to obscure its involvement in cross-border payments and support trade flows under sanctions pressure. The Treasury's Office of Foreign Assets Control is taking aggressive action against both traditional front companies and the use of digital assets. The US agency is working with blockchain analytics firms and coordinating with financial institutions, including crypto exchanges, to track illicit flows tied to sanctioned entities.