Senate Democrats Expose $34.6 Million USDT Money Flow Through Iran-Linked Wallets

A preliminary report from Senate Democrats has found that over $34.6 million in Tether USD (USDT) was moved through Iran-linked wallets before they were frozen by Tether.

The report, which examined 846 cryptocurrency wallets sanctioned or targeted for seizure due to links to Iran and regional proxies, found that 84% of the wallets transacted exclusively or nearly exclusively in USDT.

The review focused on 39 wallets identified as linked to Tawfiq Muhammad Sa'id Al-Law by Israel's National Bureau for Counter Terror Financing in June 2023. Tether had frozen five wallets, while the remaining 34 were frozen in March 2024.

More than $34.6 million moved after the Israeli seizure notice and before the remaining 34 wallets were frozen, according to the report.