U.S. authorities have frozen $344 million in cryptocurrency linked to Iran following sanctions issued by the Office of Foreign Assets Control. Scott Bessent announced the action on Friday, stating the move was part of broader efforts to disrupt Tehran’s ability to generate, move and repatriate funds internationally.
The sanctions targeted two cryptocurrency addresses operating on the Tron network, with officials alleging ties to the Islamic Revolutionary Guard Corps and the Hizballah. Authorities said the freeze is intended to weaken financial lifelines connected to Iranian-linked organizations.
Tether Freeze Coincides With Government Action
The announcement followed a statement from Tether confirming it had frozen more than $344 million worth of USDt at the request of U.S. law enforcement due to activity associated with unlawful conduct. The company did not initially specify Iran as the source of the activity, but the timing closely matched the Treasury’s enforcement action.
Officials emphasized that monitoring digital assets has become a key tool in tracking cross-border financial flows associated with sanctioned entities.
Strait of Hormuz Tensions Add Geopolitical Context
The sanctions also follow reports that Iran was exploring the use of Bitcoin payments from ships passing through the Strait of Hormuz, a major route for global oil shipments. According to reports, Iran may have collected revenue from such crypto toll arrangements.
Despite a ceasefire announcement by Donald Trump earlier in the week, tensions remain elevated. Iran reportedly attacked three vessels navigating the strait, while U.S. naval forces have maintained a blockade, underscoring the ongoing geopolitical risks surrounding regional financial and trade routes.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.