US Freezes $344 Million in Tether's USDT, Citing Iran Sanctions

The US Treasury Department announced on Friday that it has frozen $344 million in cryptocurrency as part of its efforts to disrupt financial networks linked to Iran. Treasury Secretary Scott Bessent stated that the Office of Foreign Assets Control (OFAC) has sanctioned several crypto wallets tied to Iran, resulting in the freeze. Bessent explained that the US will target all financial channels supporting the Iranian regime as part of its 'Economic Fury' campaign. The move follows Tether's decision to blacklist two blockchain addresses holding $344 million in USDT. According to a US official, the sanctioned wallets had significant links to the Iranian regime, including transactions with Iranian exchanges. The Treasury Department believes that Iran's central bank has been using digital assets to conceal cross-border transactions. The US is increasing pressure on Iran by targeting both traditional front companies and the use of digital assets. The Treasury's OFAC is working with blockchain analytics firms and financial institutions to track illicit flows tied to sanctioned entities.