US Treasury freezes $344M in Iran-linked crypto wallets in landmark sanctions action.

Treasury Secretary Scott Bessent announced sanctions on a network of Iran-linked wallets this week, freezing $344 million — one of the largest single enforcement actions ever taken against Tehran's on-chain infrastructure. OFAC tied the freeze specifically to USDT wallets used in oil payment masking operations, with Tether blacklisting the flagged addresses simultaneously.

The backdrop is significant: Iran's crypto economy reached $7.78 billion in 2025, with the Islamic Revolutionary Guard Corps accounting for roughly half of all on-chain activity. The Central Bank of Iran separately purchased over $500 million in USDT last year, routing reserves through the dollar-pegged stablecoin to access dollar liquidity without touching correspondent banking. In April, Iranian authorities went further — requiring oil tankers transiting the Strait of Hormuz to pay tolls in Bitcoin.

The harder…