The US Treasury Department said on Friday that a $344 million cryptocurrency freeze was part of its latest effort to disrupt financial networks linked to Iran.
Treasury Secretary Scott Bessent said in an article
“We will track the money that Tehran is desperately trying to move out of the country and target all financial lifelines linked to the regime,” Bessent said, adding that the effort is part of a broader campaign dubbed “Economic Fury.”
The message follows action taken Thursday by stablecoin issuer Tether, which blacklisted two blockchain addresses on Tron holding a combined $344 million in USDT.
The company did not return a request for comment.
A U.S. official told CoinDesk that the sanctioned wallets showed material ties to the Iranian regime, including transactions with Iranian exchanges and routing through intermediary addresses connected to wallets associated with the Central Bank of Iran. According to the Treasury Department, Iran’s central bank relied on digital assets to try to hide its cross-border transactions.
Authorities have said Iran is increasingly turning to crypto to circumvent restrictions, using more complex transaction models to mask its involvement in cross-border payments and prop up trade flows under sanctions pressure.
Treasury’s OFAC is trying to increase pressure by moving aggressively against both traditional shell companies and the use of digital assets, the official said. At the same time, it sanctioned Hengli Petrochemical (Dalian) Refinery Co. on Friday, accusing independent China-based refineries of playing a major role in Iran’s oil economy.
The US agency said it continues to work with blockchain analytics companies and maintains coordination with financial institutions, including crypto exchanges, in tracking illicit flows linked to sanctioned entities.
