The US Treasury Department said on Friday that a freeze of $344 million worth of cryptocurrencies is part of its latest effort to disrupt financial networks linked to Iran.
Treasury Secretary Scott Bessent said in an
“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 called “Economic Fury.”
The post follows action taken on Thursday by stablecoin issuer Tether blacklisting two blockchain addresses on Tron with $344 million in USDT in total.
The company did not respond to a request for comment.
A US official told CoinDesk that the sanctioned wallets showed material links 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 has turned to digital assets to try to mask its cross-border transactions.
Officials said Iran has increasingly turned to cryptocurrencies to circumvent restrictions, using more complex transaction patterns to conceal its involvement in cross-border payments and support trade flows under pressure from sanctions.
Treasury’s OFAC is trying to ramp up pressure by acting aggressively against both traditional front companies and the use of digital assets, the official said. Meanwhile, it sanctioned Hengli Petrochemical (Dalian) Refinery Co. on Friday, accusing independent refiners based in China of playing a major role in Iran’s oil economy.
The US agency said it continues to work with blockchain analysis companies and maintain coordination with financial institutions, including crypto exchanges, while tracking illicit flows linked to sanctioned entities.
