US Freezes $344 Million in USDT, Citing Iran Regime's Financial Networks

The US Treasury Department has announced a $344 million cryptocurrency freeze as part of its efforts to disrupt Iranian financial networks. According to Treasury Secretary Scott Bessent, the move is aimed at targeting all financial channels that support the Iranian regime. The freeze is part of a broader campaign called 'Economic Fury', which seeks to track and disrupt the flow of money that Tehran is trying to move outside of the country. The US Treasury's Office of Foreign Assets Control (OFAC) has sanctioned multiple crypto wallets linked to Iran, resulting in the freeze of $344 million in cryptocurrency. This action follows a move by Tether to blacklist two blockchain addresses holding $344 million in USDT. US officials claim that the sanctioned wallets have ties to the Iranian regime, including transactions with Iranian exchanges and connections to the Central Bank of Iran. The Iranian government has been using digital assets to hide its cross-border transactions and circumvent sanctions. The US Treasury's OFAC is increasing pressure on the Iranian regime by targeting both traditional front companies and the use of digital assets. The US agency is working with blockchain analytics firms and financial institutions to track illicit flows tied to sanctioned entities.