US authorities have taken a significant step in their efforts to counter the financial activities of the Iranian government, by freezing $344 million in cryptocurrency linked to the country.
The move was announced by US Treasury Secretary Scott Bessent, who stated that the action is part of the US' efforts to 'systematically degrade Tehran's ability to generate, move, and repatriate funds'. This comes as tensions between the US and Iran continue to escalate, particularly over the Strait of Hormuz.
The sanctions announcement targets two crypto addresses on Tron with a combined $344 million, which are allegedly tied to the Islamic Revolutionary Guard Corps and the Islamist political group Hizballah. The move is seen as part of the US' efforts to target all financial lifelines tied to the regime.