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

In its latest move to disrupt Iran's financial networks, the US Treasury Department has frozen $344 million in cryptocurrency, citing links to the Iranian regime. 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. Bessent stated that the US will pursue all financial channels used by Tehran, as part of a broader initiative known as 'Economic Fury.' 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 intermediary addresses linked to the Central Bank of Iran. The Treasury Department noted that Iran has been increasingly using digital assets to conceal cross-border transactions. To counter this, the US is taking aggressive action against both traditional front companies and the use of digital assets. The OFAC has also sanctioned a China-based refinery, accusing it of playing a key role in Iran's oil economy. The US agency is working with blockchain analytics firms and financial institutions to track illicit flows tied to sanctioned entities.