Treasury Secretary Scott Bessent of the United States Department of the Treasury revealed that the Office of Foreign Assets Control (OFAC) of the department has frozen $344 million worth of cryptocurrencies after sanctioning several wallets associated with Iran.
Bessent said in a Friday X post that OFAC’s action was an example of the United States’ strategy to “systematically degrade Tehran’s ability to generate, move, and repatriate funds.” Joint airstrikes against Iran were carried out by the US and Israel at the end of February.
Bessent stated:
“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.”
Just one day before to the declaration made by the Treasury Secretary, stablecoin issuer Tether said that US authorities have requested the freezing of around $344 million worth of USDT, due to “activity tied to unlawful conduct.” At the time, the business avoided making any direct reference to Iran.
Two Tron crypto addresses were sanctioned with a total of $344 million by OFAC as part of Friday’s announcement on the agency’s list of Specially Designated Nationals. Treasury authorities said that the funds were associated with Hezbollah and the Islamic Revolutionary Guard Corps.
There had been rumors that Iran was going to start charging ships in Bitcoin (BTC) to transit through the Strait of Hormuz, a vital chokepoint for oil and other commodities, before the sanctions were announced. Iran reportedly had the money from the crypto charges stashed away, according to Forbes on Thursday.
Despite President Trump’s claims that the US and Iran had reached a truce as of this week, tensions over the Strait have only grown worse. The United States has instituted a naval blockade, and reports indicate that Iran has targeted three ships using the channel.
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