U.S. Freezes $344-M in Crypto Linked to Iran

The United States has frozen $344 million in cryptocurrency linked to Iran, Treasury Secretary Scott Bessent announced, according to CBS News.

Economists say ongoing tensions have had economic consequences.

Bessent said the Treasury Department’s Office of Foreign Assets Control (OFAC) is sanctioning multiple digital wallets tied to Iran.

“We will follow the money that Tehran is attempting to move outside the country and target all financial lifelines tied to the regime,” he said in a social media post. Earlier in the week, Bessent also warned that sanctions could be imposed on entities facilitating the movement of Iranian oil, the Associated Press (AP) reported.

Economists say ongoing tensions have had economic consequences. Rising oil prices have pushed U.S. gasoline prices above $4 per gallon, added pressure on housing markets, and contributed to rising inflation.

“I think the damage has already been done,” said Mark Zandi, chief economist at Moody’s Analytics, noting that elevated oil prices may persist.