US Freezes $344 Million in Tether's USDT, Citing 'Economic Fury' Against Iranian Regime

In its latest move to disrupt financial networks linked to Iran, the US Treasury Department announced the freeze of $344 million in cryptocurrency on Friday. Treasury Secretary Scott Bessent stated that the Office of Foreign Assets Control (OFAC) has imposed sanctions on multiple crypto wallets tied to Iran, resulting in the freeze of $344 million in cryptocurrency. Bessent noted that the US will track and target all financial channels supporting the regime as part of its 'Economic Fury' campaign. This action 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. The Treasury Department accused Iran's central bank of using digital assets to conceal cross-border transactions. Authorities claim that Iran has been increasingly relying on crypto to circumvent restrictions, using complex transaction patterns to obscure its involvement in cross-border payments. The OFAC is intensifying its efforts against both traditional front companies and the use of digital assets. Additionally, the US sanctioned Hengli Petrochemical (Dalian) Refinery Co., accusing it of playing a major role in Iran's oil economy. The US agency is working with blockchain analytics firms and coordinating with financial institutions to track illicit flows tied to sanctioned entities.