US Freezes $344 Million in Iranian Crypto Assets

US authorities have taken significant action against Iranian-backed cryptocurrency wallets, freezing over $344 million in assets. This move is part of a broader effort by the US government to disrupt Tehran's ability to generate and move funds.

The sanctions were announced by Treasury Secretary Scott Bessent on Friday, with OFAC targeting two Tron addresses tied to the Islamic Revolutionary Guard Corps and Hizballah. The frozen assets have been identified as USDt (USDT), a stablecoin issued by Tether.

Reports suggest that Iran has been using cryptocurrency to charge tolls for ships passing through the Strait of Hormuz, a critical waterway for oil transportation. The revenue from these crypto-based fees is reportedly being banked by Tehran.