U.S. Sanctions Iran-Linked Crypto Wallets, Tether Freezes $344 Million USDT

Gate News message, April 26 — The U.S. federal government sanctioned multiple wallets linked to Iran on April 25, with Treasury Secretary Scott Bessent announcing the action as part of efforts to increase economic pressure on the country amid an ongoing ceasefire. The sanctions came a day after Tether froze $344 million in USDT on the Tron blockchain following flags from U.S. authorities, coordinated with the U.S. Office of Foreign Assets Control (OFAC) and U.S. law enforcement.

"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," Bessent said in a statement. The two frozen Tron addresses held approximately $213 million and $131 million in USDT respectively, and were blacklisted at the smart contract level.

The action reflects broader U.S. efforts to counter Iran's use of cryptocurrencies to circumvent sanctions. Earlier this month, the Financial Times reported that Iran was accepting bitcoin as payment for transit fees imposed on oil tankers passing through the Strait of Hormuz. Iran, known as a major bitcoin mining hub, has increasingly turned to digital assets to sidestep U.S. and allied economic sanctions.

According to Chainalysis, crypto holdings in Iran reached $7.8 billion in 2025, with Iran's Islamic Revolutionary Guard Corps (IRGC) accounting for roughly half of those holdings. The IRGC has become accustomed to making large transfers totaling several million dollars between private wallets.