US Freezes $344M in Iranian Crypto Assets

The United States Treasury Department said Friday it has frozen $344 million in cryptocurrency assets, citing alleged links to Iran. Treasury Secretary Scott Bessent said the move is intended to “degrade Tehran's ability to generate, move, and repatriate funds” by sanctioning multiple crypto wallets tied to Iran.

The Treasury action comes amid a broader escalation in U.S.-Iran tensions that officials have connected to pressure on Iran’s financing channels. Bessent had previously threatened to sanction entities involved in facilitating Iranian oil movements, in the context of a U.S. blockade of Iranian ports. The latest step targets digital-asset infrastructure, with the Treasury describing the frozen holdings as connected to Iran-linked wallets.

Alongside the financial measures, U.S. officials described renewed diplomatic activity. U.S. Special Envoy Steve Witkoff and Jared Kushner are scheduled to take part in a second round of peace talks with Iran in Islamabad, Pakistan. Iran’s foreign minister arrived in Pakistan’s capital on Friday, and the United States indicated it is prepared to consider a peace plan conveyed through Pakistani intermediaries.

U.S. Defense Secretary Pete Hegseth also issued a warning tied to the ongoing pressure campaign. He said Iran’s economy would “collapse under the unrelenting pressure” of the naval blockade if a deal is not reached. Officials did not provide a timeline for any agreement, and the status and scope of the blockade-related measures were not detailed beyond the statements described.

Commercial disruption has been a central feature of the current standoff. The Strait of Hormuz remains largely closed, according to the information provided, and that has pushed demand toward alternative routes for global shipping. Some businesses are reportedly paying up to $4 million to transit the Panama Canal, described as far above standard rates, as companies seek to avoid the Middle Eastern waterway amid heightened volatility.

Energy and shipping executives have also pointed to security concerns tied to any reopening of the Strait of Hormuz. Chevron CEO Mike Wirth said naval escorts would likely be required for commercial vessels once the strait reopens in order to ensure safety.

For markets and policymakers, the combination of sanctions targeting crypto assets, pressure on oil-linked activity, and constrained maritime transit underscores how financial tools and shipping chokepoints are being treated as interconnected levers in the dispute.