Summary
- Tether (USDT) and Circle (USDC) reportedly blacklisted the Ethereum hot wallet of Iranian cryptocurrency exchange Wallex at the same time, freezing its funds.
- BeInCrypto reported that about $2.49 million was deposited into frozen addresses and that no withdrawals occurred from those addresses after the freeze.
- BeInCrypto said all cryptocurrency activity related to Iran is subject to broad sanctions, adding that this incident is consistent with a trend toward tighter stablecoin regulation for platforms linked to Iran.
Forecast Trend Report by Period
Dollar stablecoin issuers Tether (USDT) and Circle (USDC) simultaneously froze funds held by Iranian cryptocurrency exchange Wallex.
According to BeInCrypto on the 24th (local time), Tether and Circle recently blacklisted Wallex’s Ethereum (ETH) hot wallet at the same time. It is unusual for Tether and Circle to simultaneously take freezing measures against specific addresses and wallets.
Wallex is said to have begun moving funds from multiple hot wallets to BNB Smart Chain (BSC) shortly before the blacklist announcements by Tether and Circle. BeInCrypto reported that “funds worth about $2.49 million were deposited into addresses that were frozen,” adding that “no withdrawals occurred from those addresses (after the freeze).”
Wallex is reportedly not yet listed as a sanctions target by the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC). BeInCrypto said that “even if not designated, all cryptocurrency activity linked to Iran is subject to broad sanctions,” adding that “this incident aligns with the broader trend of tightening stablecoin regulation for platforms connected to Iran.”
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul
