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

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. According to Treasury Secretary Scott Bessent, the Office of Foreign Assets Control (OFAC) has sanctioned several crypto wallets tied to Iran, resulting in the freeze of $344 million in cryptocurrency. Bessent stated that the US will track and target all financial channels supporting the Iranian regime as part of the 'Economic Fury' campaign. This move follows Tether's decision to blacklist 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 government has been increasingly using digital assets to conceal cross-border transactions, prompting the US to take action against both traditional front companies and the use of digital assets. The Treasury Department's OFAC is working with blockchain analytics firms and financial institutions, including crypto exchanges, to track and disrupt illicit flows tied to sanctioned entities. Additionally, the US has sanctioned Hengli Petrochemical (Dalian) Refinery Co., accusing the China-based refinery of playing a key role in Iran's oil economy.