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

In its latest effort to disrupt Iranian financial networks, the US Treasury Department has frozen $344 million in cryptocurrency, as part of its 'Economic Fury' campaign. According to Treasury Secretary Scott Bessent, the department's Office of Foreign Assets Control is imposing sanctions on multiple crypto wallets linked to Iran. Bessent stated that the US will track and target all financial channels used by Tehran, as the regime attempts to move funds outside the country. The 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 ties to the Iranian regime, including transactions with Iranian exchanges and connections to the Central Bank of Iran. The Iranian government has been increasingly using digital assets to conceal cross-border transactions, and the US Treasury Department is taking aggressive action against both traditional front companies and the use of digital assets. The department is working with blockchain analytics firms and financial institutions to track illicit flows tied to sanctioned entities, and has also sanctioned a China-based refinery for its role in Iran's oil economy.