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

Gate News message, April 24 — U.S. Treasury Secretary Scott Bessent announced sanctions against multiple wallets linked to Iran on Thursday, as part of President Donald Trump’s efforts to increase economic pressure on the country amid an ongoing ceasefire. “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 sanctions follow Tether’s decision on Thursday to freeze $344 million in USDT on the Tron network, which has been linked to Iranian sanctions. The action was coordinated with the U.S. Office of Foreign Assets Control (OFAC) and U.S. law enforcement. Two Tron addresses were blacklisted at the smart contract level: one held approximately $213 million in USDT while the other held $131 million.

Iran, known as a bitcoin mining hub, has long relied on cryptocurrencies to circumvent U.S. and allied sanctions. According to Chainalysis, Iranian crypto holdings reached $7.8 billion in 2025, with Iran’s Islamic Revolutionary Guard Corps (IRGC) accounting for roughly half of those holdings. Earlier this month, the Financial Times reported that Iran began accepting bitcoin as payment for transit fees imposed on oil tankers passing through the Strait of Hormuz.