The US Treasury Department has frozen digital assets in numerous cryptocurrency wallets believed to be associated with Iran. This move, announced by the Office of Foreign Assets Control (OFAC), impacts wallets valued at over $130 million.
Treasury Secretary Scott Bessent noted that these wallets are linked to the Central Bank of Iran, asserting that the initiative aims to disrupt the nation’s illicit financial operations. Bessent mentioned that Iran allegedly utilizes digital assets to bypass sanctions and manage unlawful income.
This recent sanction follows previous asset freezes that target cryptocurrency wallets under OFAC's jurisdiction. Recently, Tether, a prominent stablecoin issuer, disclosed that it supported the freezing of over $344 million in USDT related to illegal activities.
According to Tether, the company collaborates with over 340 law enforcement agencies across 65 countries, assisting in more than 2,300 investigations. Tether has frozen digital assets totaling over $4.4 billion, with a significant proportion frozen upon US authorities' requests.
Shortly before the announcement by Bessent, analytics platform Specter reported that Tether froze approximately $131 million in USDT across four Tron network wallets, believed to be linked to the Iranian Revolutionary Guard and the Central Bank. It has been suggested that a substantial amount of the funds was withdrawn via DTC Pay and cryptocurrency exchange Bitso.
Despite these developments, official reasons for the blacklisting have not been disclosed. Analysts believe the effective use of blockchain technology for enforcement actions is becoming more prevalent.
This is not investment advice.
