US Freezes $344 Million in Tether's USDT, Citing Ties to Iran Regime

In its latest move to disrupt Iranian financial networks, the US Treasury Department has frozen $344 million in cryptocurrency. According to Treasury Secretary Scott Bessent, the Office of Foreign Assets Control (OFAC) has imposed sanctions on multiple crypto wallets linked to Iran, resulting in the freeze of $344 million in cryptocurrency. Bessent noted that the US will track and target all financial channels tied to the Iranian regime as part of its 'Economic Fury' campaign. This move follows Tether's decision to blacklist two blockchain addresses on Tron, holding a combined $344 million in USDT. A US official stated that the sanctioned wallets showed significant connections to the Iranian regime, including transactions with Iranian exchanges and links to the Central Bank of Iran. The Iranian government has been attempting to use digital assets to conceal its cross-border transactions. To counter this, the US is increasing pressure on both traditional front companies and the use of digital assets. The Treasury Department's OFAC has also 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 financial institutions to track illicit flows tied to sanctioned entities.