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Tether says it froze nearly $550 million in Iran-linked USDT
A Senate investigations preliminary report found 84% of 846 sanctioned or targeted wallets transacted mainly in USDT, and Democratic staff referred the findings to the Treasury and Justice departments.
Tether said its actions involving USDT resulted in about $550 million being frozen across wallets that US authorities identified as connected to Iran's central bank and Iranian sanctions networks, according to a statement published the same day.
CryptoSlate reports that Democratic investigators on the Senate Permanent Subcommittee on Investigations released a preliminary report on Sept. 28 analyzing 846 crypto wallets sanctioned or targeted by US or Israeli authorities due to associations with Iran and regional groups.
The report said 84% of those wallets transacted exclusively or nearly exclusively in USDT. It also alleged that delays in blacklisting some identified wallets allowed tens of millions of dollars to continue moving.
Sen. Richard Blumenthal, the Connecticut Democrat and ranking member of the subcommittee, referred the findings to the Treasury and Justice departments to investigate Tether's anti-money laundering and sanctions compliance, while noting that the referrals do not establish a federal law violation or confirm that either department opened a new case.