US Freezes $344 Million in USDT, Citing Iran Regime's Financial Network

The US Treasury Department has announced a $344 million cryptocurrency freeze as part of its efforts to disrupt financial networks linked to Iran. According to Treasury Secretary Scott Bessent, the Office of Foreign Assets Control is sanctioning multiple crypto wallets tied to Iran, resulting in the freeze of $344 million in cryptocurrency. Bessent stated 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. US officials claim the sanctioned wallets have significant links to the Iranian regime, including transactions with Iranian exchanges and connections to the Central Bank of Iran. The Treasury Department alleges that Iran's central bank is utilizing digital assets to conceal cross-border transactions. Authorities have observed an increase in Iran's use of crypto to circumvent restrictions, employing complex transaction patterns to obscure its involvement in cross-border payments and support trade flows under sanctions pressure. The US agency is working with blockchain analytics firms and coordinating with financial institutions to track illicit flows tied to sanctioned entities.