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 multiple crypto wallets with ties to Iran, resulting in the freeze. Bessent stated that the US will 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 holding $344 million in USDT. The sanctioned wallets reportedly showed significant connections to the Iranian regime, including transactions with Iranian exchanges and links to the Central Bank of Iran. The US has accused Iran of using digital assets to conceal cross-border transactions and evade sanctions. Authorities are working to increase pressure on Iran by targeting both traditional front companies and the use of digital assets. The Treasury Department has also sanctioned a China-based refinery, accusing it of playing a major role in Iran's oil economy. The US agency is collaborating with blockchain analytics firms and financial institutions to track illicit flows tied to sanctioned entities.