US Freezes $344 Million in USDT, Citing Ties to Iranian Regime

In its latest move to disrupt Iranian financial networks, the US Treasury Department has frozen $344 million in cryptocurrency, sanctioning multiple crypto wallets with alleged ties to the Iranian regime. According to Treasury Secretary Scott Bessent, the Office of Foreign Assets Control (OFAC) is working to disrupt all financial lifelines supporting the regime, as part of a broader initiative known as 'Economic Fury'. The freeze comes after stablecoin issuer Tether blacklisted two blockchain addresses on Tron, holding a combined $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 wallets associated with the Central Bank of Iran. The Iranian central bank has been attempting to use digital assets to conceal cross-border transactions. Authorities claim that Iran has been increasingly relying on cryptocurrency to circumvent restrictions, using complex transaction patterns to obscure its involvement in cross-border payments and support trade flows under sanctions pressure. The Treasury Department's OFAC is taking aggressive action against both traditional front companies and the use of digital assets, while also working with blockchain analytics firms and financial institutions to track illicit flows tied to sanctioned entities. Additionally, the US sanctioned Hengli Petrochemical (Dalian) Refinery Co., accusing the China-based refinery of playing a significant role in Iran's oil economy.