According to a CNN report, the U.S. government is intensifying financial pressure by freezing approximately $344 million worth of cryptocurrency believed to be linked to Iran.

Treasury officials stated that several digital wallets were targeted as part of a broader effort to disrupt financial flows connected to Tehran.

Treasury Secretary Scott Bessent said on X (formerly Twitter) on Friday, "Under Economic Fury, the Treasury Department will continue to systematically degrade Tehran’s ability to generate, move, and repatriate funds. The Treasury’s Office of Foreign Assets Control has sanctioned numerous wallets connected to Iran — resulting in the freezing of $344 million in cryptocurrency."

He added in a statement, "We will track the funds that Tehran desperately tries to siphon abroad and cut off all funding streams associated with the regime."

Authorities revealed that they had obtained evidence demonstrating substantial connections to the Iranian regime, including transaction histories with Iranian exchanges and a series of transactions via intermediary addresses linked to wallets associated with Iran's central bank.

This asset freeze was carried out with the cooperation of Tether, which stated that it took action after receiving information from U.S. authorities regarding alleged illicit activities.

Regimes facing heavy sanctions, such as Iran, Russia, and North Korea, are increasingly relying on less regulated cryptocurrencies over traditional banking systems to generate revenue and evade sanctions.

Experts suggest that while this action is significant, it may not fundamentally alter Iran's financial situation, as the country has long adapted to sanctions and increasingly depends on cryptocurrencies to circumvent restrictions.

NNP Chief Reporter Sung Ku Hong / Special Contribution from this publication NNP info@newsandpost.com