US Sanctions Iran-Linked Crypto Wallets, Tether Freezes $344M USDT

U.S. Treasury Secretary Scott Bessent announced that the federal government is sanctioning multiple wallets linked to Iran as part of President Donald Trump’s ongoing efforts to increase economic pressure on the country amid an ongoing ceasefire. The move comes a day after Tether froze $344 million in USDT on Tron, which has been linked to Iranian sanctions, according to CNN citing an anonymous U.S. official.

Tether Freeze and OFAC Coordination

Tether noted that the $344 million USDT freeze was made in coordination with the U.S. Office of Foreign Assets Control (OFAC) and U.S. law enforcement. Two Tron addresses were affected: one held approximately $213 million in USDT while the other held $131 million. Both addresses were blacklisted at the smart contract level. According to Chainalysis, the two wallets were regularly active years ago.

Treasury Secretary Statement

“We will follow the money that Tehran is desperately attempting to move outside of the country and target all financial lifelines tied to the regime,” Bessent said in a statement quoted by CNN.

Iran’s Cryptocurrency Activity

Earlier this month, the Financial Times reported that Iran was accepting Bitcoin as a form of payment for transit fees imposed on oil tankers passing through the Strait of Hormuz. Iran is known as a Bitcoin mining hub and has long turned to cryptocurrencies to sidestep economic sanctions imposed by the United States and its allies.

Chainalysis Estimates on Iranian Holdings

Chainalysis estimates that crypto holdings in Iran reached $7.8 billion in 2025, with Iran’s Islamic Revolutionary Guard Corps accounting for roughly half of those holdings. The firm notes the IRGC has become accustomed to making large transfers totaling several million dollars between private wallets.