US Sanctions Iran-Linked Crypto Wallets; Tether Freezes $344M USDT in Coordination with OFAC

Gate News message, April 25 — The U.S. Treasury Department sanctioned multiple cryptocurrency wallets linked to Iran on April 24 as part of efforts to increase economic pressure on the country amid an ongoing ceasefire. Treasury Secretary Scott Bessent said the government will “follow the money that Tehran is desperately attempting to move outside of the country and target all financial lifelines tied to the regime.”

The sanctions came a day after Tether froze $344 million worth of USDT on the Tron blockchain following coordination 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, with one holding approximately $213 million in USDT and the other holding $131 million.

Iran has increasingly turned to cryptocurrencies to circumvent U.S. and allied economic sanctions. Earlier this month, the country began accepting Bitcoin as payment for transit fees imposed on oil tankers passing through the Strait of Hormuz. As a major Bitcoin mining hub, Iran has accumulated significant crypto holdings; Chainalysis estimates Iranian crypto assets reached $7.8 billion in 2025, with Iran’s Islamic Revolutionary Guard Corps accounting for roughly half of those holdings.

According to Chainalysis, the two frozen Tron wallets had been regularly active years ago, and the IRGC has become accustomed to making large transfers totaling several million dollars between private wallets.