The U.S. Treasury Department has frozen approximately $344 million in cryptocurrencies, sanctioning digital wallets linked to Iran. Secretary Scott Bessent announced that the Office of Foreign Assets Control (OFAC) took action as part of a strategy to disrupt Tehran's financial lifelines. The frozen funds are reportedly associated with Hezbollah and the Islamic Revolutionary Guard Corps.
This move follows a request from U.S. authorities to stablecoin issuer Tether for the freezing of $344 million in USDT due to "activity tied to unlawful conduct." Two Tron crypto addresses, totaling $344 million, were added to OFAC's Specially Designated Nationals list.
Treasury officials stated their commitment to tracking and targeting financial channels utilized by the Iranian regime. The sanctions come amid heightened tensions in the Strait of Hormuz.