The United States has frozen $344 million in cryptocurrency linked to Iran, according to U.S. Officials who confirmed the action on Friday, April 24, 2026. The move, coordinated through the Office of Foreign Assets Control (OFAC), targeted two digital wallet addresses associated with Tether’s USDT stablecoin. Tether stated it supported the U.S. Government’s action after receiving information from multiple American agencies about activity tied to unlawful conduct.
Treasury Secretary Scott Bessent confirmed the sanctions, stating the agency is “sanctioning multiple wallets tied to Iran.” He emphasized the administration’s commitment to tracking financial flows the Iranian regime attempts to move outside the country, saying, “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.” The Iranian mission to the United Nations declined to comment on the matter.
The frozen assets were traced through blockchain analysis, with U.S. Officials citing evidence of transactions involving Iranian exchanges and intermediary addresses linked to the Central Bank of Iran. One official told CNN that government analysts, working with blockchain analytics firms, observed material links to the Iranian regime, including confirmed transactions with Iranian exchanges and a series of transactions routed through intermediary addresses interacting with Central Bank of Iran-associated wallets.
This action aligns with prior reports indicating significant cryptocurrency holdings by Iranian entities. Chainalysis reported in 2025 that Iranian crypto holdings reached $7.8 billion, with the Islamic Revolutionary Guard Corps (IRGC) controlling roughly half of those assets by the fourth quarter. The freeze reflects an ongoing U.S. Strategy to restrict Iran’s access to global financial systems amid stalled diplomatic efforts to revive the 2015 nuclear deal and ongoing regional tensions.
Tether, the issuer of USDT, said it froze the funds across two addresses following information shared by U.S. Authorities. The company did not disclose the specific blockchain networks involved, though separate reports indicated the assets were held on the Tron network. The freeze marks one of the largest single actions targeting cryptocurrency tied to a sanctioned state, underscoring the growing role of digital assets in international sanctions enforcement.
The U.S. Has increasingly relied on blockchain analytics to trace illicit financial flows, particularly as Iran has turned to cryptocurrencies to circumvent traditional banking restrictions. Officials noted that Iranian institutions have adopted more opaque methods to conceal cross-border digital asset activity, aiming to stabilize the national currency and maintain trade under sanctions. The Treasury Department has signaled it will continue monitoring and acting on similar cases as part of its broader pressure campaign.
While the immediate impact of the freeze on Iran’s economy remains uncertain, analysts suggest it could disrupt efforts to move value abroad, particularly for state-linked entities. The action comes amid a broader pattern of U.S. Enforcement actions targeting crypto use by sanctioned actors, including prior freezes tied to North Korea and Russia. No charges have been filed in connection with the frozen assets as of the announcement date.
For updates on this and related sanctions actions, the public can refer to the U.S. Department of the Treasury’s sanctions list and OFAC announcements, which are regularly updated on the agency’s official website. The next formal update on Iran-related sanctions is expected during the Treasury’s routine reporting cycle, though no specific date has been announced.
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