US Freezes $344 Million in USDT, Citing Iran Sanctions and 'Economic Fury' Campaign

The US Treasury Department has announced the freeze of $344 million in cryptocurrency as part of a broader effort to disrupt financial networks linked to Iran. According to Treasury Secretary Scott Bessent, the Office of Foreign Assets Control (OFAC) has sanctioned multiple crypto wallets tied to Iran, resulting in the freeze of a significant amount of cryptocurrency. Bessent stated that the US will track and target all financial lifelines supporting the Iranian regime as part of the 'Economic Fury' campaign. The 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 connections to the Iranian regime, including transactions with Iranian exchanges and links to the Central Bank of Iran. Iran has been increasingly using digital assets to circumvent restrictions and conceal cross-border transactions. The Treasury Department is working to increase pressure on the Iranian regime by targeting both traditional front companies and the use of digital assets. In a related move, the US sanctioned a China-based refinery accused of supporting Iran's oil economy. The US agency is collaborating with blockchain analytics firms and financial institutions to track and disrupt illicit financial flows linked to sanctioned entities.