US freezes $344 mn in cryptocurrency linked to Iran: Treasury chief

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Washington DC: U.S. Treasury Secretary Scott Bessent announced on Friday that the United States has frozen $344 million in cryptocurrency assets linked to Iran. The Treasury Department’s Office of Foreign Assets Control (OFAC) sanctioned multiple digital wallets as part of a "maximum pressure" campaign to degrade Tehran’s ability to move and repatriate funds abroad.

The move follows coordination with Tether, the company behind a major digital stablecoin, which assisted federal agencies in identifying and locking the specific digital addresses. Treasury officials stated the action is intended to cut off financial lifelines used by the Iranian government to fund regional activities amid ongoing energy supply disruptions and Middle East conflict.

In a simultaneous escalation, the Treasury Department also imposed sanctions on the Chinese petrochemical firm Hengli Petrochemical (Dalian). The agency identified the company as a key purchaser of Iranian oil and issued a general license to wind down existing deals.

Secretary Bessent also confirmed that one-time waivers for Iranian oil currently at sea will not be renewed, noting that a blockade is in place to stop exports. The enforcement comes as U.S. envoys travel to Pakistan for diplomatic talks aimed at addressing the broader conflict and reopening the Strait of Hormuz.

Photo Credits: AFP