U.S. Treasury sanctions Iran-linked crypto wallets as Tether freezes $344 million in USDT

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Treasury sanctions Iran crypto wallets

Highlights

Tether froze $344 million in USDT in two Tron blockchain wallets linked to Iran, coinciding with fresh U.S. Treasury sanctions.
The Office of Foreign Assets Control blacklisted multiple crypto wallets tied to Iran, citing their use for routing funds via the Central Bank of Iran and Iranian exchanges.
The U.S. Treasury sanctioned Hengli Petrochemical (Dalian) Refinery Co., intensifying enforcement on Iran's oil and payments network using both traditional and digital asset channels.

Sanctions campaign expands to digital asset networks

As reported by the U.S. Treasury Department, its Office of Foreign Assets Control is sanctioning multiple crypto wallets tied to Iran, in a move that results in the freeze of $344 million in cryptocurrency. Treasury Secretary Scott Bessent says the effort is part of a broader campaign called "Economic Fury," aimed at cutting off what he describes as the regime's financial lifelines.

Bessent says the U.S. will track funds that Tehran is attempting to move outside the country and target channels linked to the regime. A U.S. official tells CoinDesk the sanctioned wallets show material links to Iran, including transactions with Iranian exchanges and routing through intermediary addresses connected to wallets associated with the Central Bank of Iran.

The Treasury Department says Iran's central bank is leaning more heavily on digital assets to mask cross-border transactions. Authorities say Iran is increasingly using more complex crypto transaction patterns to obscure its role in payments and support trade flows under sanctions pressure.

Broader enforcement pressure on Iran's oil and payments network

Tether's action on Thursday blacklisted two Tron blockchain addresses holding a combined $344 million in USDT, preceding the Treasury announcement a day later. The company did not return a request for comment.

Treasury officials say OFAC is increasing pressure on both traditional front companies and digital asset channels. The agency also sanctions Hengli Petrochemical (Dalian) Refinery Co. on Friday, accusing the China-based independent refinery of playing a major role in Iran's oil economy.

The U.S. agency says it continues to work with blockchain analytics firms and coordinate with financial institutions, including crypto exchanges, as it tracks illicit flows linked to sanctioned entities. The move underscores how crypto infrastructure is becoming a more prominent enforcement target in U.S. sanctions policy.

In our earlier coverage of U.S. sanctions targeting Hengli Petrochemical (Dalian) Refinery Co. and Iran’s so-called shadow fleet, we outlined how Washington aimed to disrupt Iran’s petroleum export logistics by designating the refinery, multiple shipping firms, and vessels allegedly moving Iranian crude. We also highlighted the compliance fallout of these measures, including blocked property, broad transaction prohibitions, and heightened sanctions exposure for non-U.S. traders, shippers, insurers, and banks tied to Iran-linked energy flows.

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