US Freezes $344M in Crypto Linked to Iran Amid Tensions Over Strait of Hormuz

The US government has taken significant action against cryptocurrency transactions linked to Iran, freezing $344 million in assets as part of a broader effort to disrupt Tehran's financial networks.

According to a statement from US Treasury Secretary Scott Bessent, the Office of Foreign Assets Control (OFAC) has sanctioned several wallets tied to the Islamic Revolutionary Guard Corps and the Islamist political group Hizballah. These sanctions are designed to systematically degrade Iran's ability to generate, move, and repatriate funds.

The move is seen as a key step in targeting financial lifelines tied to the regime, which has been accused of using cryptocurrency transactions to evade international sanctions.