US Imposes $344 Million USDT Freeze in Latest Move Against Iranian Regime

The US Treasury Department has announced a $344 million cryptocurrency freeze as part of its ongoing efforts to disrupt financial networks linked to Iran. According to Treasury Secretary Scott Bessent, the Office of Foreign Assets Control (OFAC) has sanctioned multiple cryptocurrency wallets tied to Iran, resulting in the freeze of $344 million in cryptocurrency. Bessent stated that the US will track and target all financial channels supporting the Iranian regime as part of a broader initiative known as 'Economic Fury'. This move 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 noted that Iran's central bank has been using digital assets to conceal cross-border transactions. Authorities claim that Iran has been increasingly relying on cryptocurrency to circumvent restrictions, using complex transaction patterns to obscure its involvement in cross-border payments. The OFAC is taking aggressive action against both traditional front companies and the use of digital assets. Additionally, the US sanctioned Hengli Petrochemical (Dalian) Refinery Co., accusing the China-based refinery of playing a key 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.