US Treasury Freezes $344M in Iranian Crypto Assets Amid Escalating Tensions

US Treasury Secretary Scott Bessent announced that the department's Office of Foreign Assets Control (OFAC) sanctioned several wallets tied to Iran, resulting in authorities freezing $344 million in cryptocurrency. In a Friday X post, Bessent said that the move by OFAC was part of the US' efforts to "systematically degrade Tehran's ability to generate, move, and repatriate funds." The US and Israel launched joint airstrikes on Iran in late February. "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," said Bessent.

The Treasury Secretary's announcement came just one day after stablecoin issuer Tether said it had frozen more than $344 million of its USDt (USDT) at the request of US authorities for "activity tied to unlawful conduct." The company did not explicitly mention Iran at the time.

As part of a Friday notice on OFAC's list of Specially Designated Nationals, the government agency sanctioned two crypto addresses on Tron with a combined $344 million. Treasury officials claimed that the wallets were tied to the Islamic Revolutionary Guard Corps and the Islamist political group Hizballah.

The sanctions announcement followed reports that Iran was planning to charge ships in Bitcoin (BTC) for passage through the Strait of Hormuz, a critical chokepoint for transporting oil and other supplies. Forbes reported on Thursday that Iran had banked revenue from the crypto tolls. Although US President Donald Trump said that the US was under a ceasefire agreement with Iran as of this week, tensions continue to escalate over the Strait. Iran reportedly attacked three ships using the waterway, while US naval forces have set up a blockade.