Tether Freezes $550M in Iran-Linked Assets Amid Growing Sanctions Crackdown
Tether has helped US authorities freeze nearly $550 million in Iran-linked USDT so far this year, highlighting the growing role of blockchain data in sanctions enforcement.
The company's assistance came after information from the Treasury's Office of Foreign Assets Control (OFAC) and US law enforcement identified two TRON addresses linked to the Central Bank of Iran. OFAC added both addresses to its sanctions entry on April 24, linking them to the IRGC Qods Force and Hezbollah.
Tether froze over $344 million in these two wallets, with a further $130 million frozen across four additional TRON addresses added to the same entry on July 14. This brings the total value of frozen assets to over $474 million.
The US Treasury has been increasing pressure on Iran's financial networks, sanctioning Nobitex, its largest crypto exchange, in June for helping the central bank obtain stablecoins used to support the falling rial. Operation Economic Outcast was launched in August against the Iranian regime's financial networks, with sectoral sanctions determinations naming five sectors, including digital assets.