US Sanctions Iran-Linked Crypto Wallets Holding $344M Frozen by Tether

U.S. Treasury Secretary Scott Bessent announced sanctions on multiple wallets linked to Iran as part of President Donald Trump’s efforts to increase economic pressure on the country, according to CNN. The move follows Tether’s freeze of $344 million in USDT on Tron, which has been linked to Iranian sanctions, with the action coordinated with the U.S. Office of Foreign Assets Control (OFAC) and U.S. law enforcement.

Sanctions and Tether Freeze

Bessent stated: “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,” according to CNN. Tether froze two Tron addresses that held the frozen USDT—one address held roughly $213 million while the other held $131 million. Both addresses were blacklisted at the smart contract level. Chainalysis told CNN that these two wallets were regularly active years ago.

Iran’s Cryptocurrency Strategy

Iran has long turned to cryptocurrencies to sidestep economic sanctions imposed by the United States and its allies. Earlier this month, the Financial Times reported that Iran was accepting bitcoin as a form of payment for transit fees imposed on oil tankers passing through the Strait of Hormuz. The country is known as a bitcoin mining hub.

Scale of Iranian Crypto Holdings

Chainalysis estimates that crypto holdings in Iran reached $7.8 billion in 2025, with Iran’s Islamic Revolutionary Guard Corps accounting for roughly half of those holdings. The firm notes the IRGC has become accustomed to making large transfers totalling several million dollars between private wallets.