US Imposes $344 Million USDT Freeze in Escalating 'Economic Fury' Against Iranian Regime

The US Treasury Department has announced a $344 million cryptocurrency freeze as part of its concerted effort to disrupt Iranian financial networks. According to Treasury Secretary Scott Bessent, the Office of Foreign Assets Control (OFAC) has imposed sanctions on multiple crypto wallets linked to Iran, resulting in the freeze of $344 million in cryptocurrency. Bessent stated that the US will track and target all financial channels tied to the regime, as part of the 'Economic Fury' campaign. This move follows Tether's decision to blacklist two blockchain addresses holding $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 Treasury Department noted that Iran's central bank has been increasingly using digital assets to conceal cross-border transactions. Authorities stated that Iran has been utilizing crypto to evade restrictions, employing complex transaction patterns to obscure its involvement in cross-border payments and support trade flows under sanctions pressure. The Treasury's OFAC is intensifying its efforts by aggressively targeting both traditional front companies and the use of digital assets. Additionally, the US sanctioned Hengli Petrochemical (Dalian) Refinery Co., accusing the China-based refineries of playing a significant role in Iran's oil economy. The US agency continues to collaborate with blockchain analytics firms and financial institutions, including crypto exchanges, to track illicit flows tied to sanctioned entities.