Iranian Foreign Minister slams the U.S. for "multiple betrayals" that undermine ceasefire negotiations! Crypto market loses $1.07 billion in a single week

Iranian Foreign Minister Araghchi spoke with UN Secretary-General Guterres on 5/22, criticizing the United States for "repeated breaches of trust, military aggression, and contradictory stances," which are the main obstacles to Pakistan-mediated ceasefire negotiations. On the same day, reports indicated that the ceasefire draft mediated by Pakistan had been finalized, but Trump claimed the ceasefire was "on life support."
(Background: Reports that the US-Iran ceasefire agreement was "finalized" and to be announced within hours)
(Additional context: US Treasury Department listed the "Iranian crypto pipeline" on sanctions lists, causing a 95% collapse in shipping through the Hormuz Strait)

The ceasefire negotiations, finalized on May 21 and on the brink on May 22, experienced a rollercoaster within less than 24 hours!

Iranian Foreign Minister Abbas Araghchi posted on social media today that he exchanged views with UN Secretary-General Guterres on "the latest regional situation and the diplomatic progress between Iran and the US mediated by Pakistan."

"The United States' repeated betrayal of trust, military aggression against Iran, its contradictory positions, and excessive demands are factors hindering the negotiation process."

However, Araghchi also emphasized that despite "strong suspicion" towards the US, Iran remains responsible and highly serious in participating in diplomatic efforts. US Secretary of State Marco Rubio previously confirmed Pakistan as the main mediator, but Trump told the media that the ceasefire "is on life support."

February airstrikes to May draft

This diplomatic tug-of-war traces back to the joint US-Israeli airstrikes on Iranian nuclear facilities on February 28. Iran immediately threatened to "completely block" the Hormuz Strait and attack regional energy infrastructure. In early May, the situation escalated again as the UAE and Oman intercepted Iranian ballistic missiles and drones, and the US destroyed 6 to 7 Iranian speedboats attempting to interfere with commercial shipping. The Iranian Navy claimed to have hit a US warship (which the US Central Command denied).

Pakistan's Interior Minister Mohsin Naqvi has been mediating between the sides, with a ceasefire framework covering six major points: full ceasefire, ensuring freedom of navigation in the Hormuz Strait, phased lifting of sanctions (conditional on Iran's compliance), and establishing a joint oversight mechanism.

But Iran had angrily rejected the US's 15-point plan in early May as "impossible to accept," and after multiple revisions, the current status is "finalized but unsigned."

Crypto market escapes $1.07 billion

Geopolitical risks are directly reflected in digital assets. During the week of May 18, the crypto market experienced a net outflow of $1.07 billion, ending six consecutive weeks of net inflows. Brent crude oil hit a 52-week high of $120 per barrel at the end of April. Bitcoin, optimistic about a ceasefire, once surged to $82,000–$83,000, but after negotiations stalled, it retreated, dropping to $75,500 last Monday.

The US Treasury Department also tightened crypto sanctions, with OFAC freezing $344 million in Tether USDT related to the Iranian central bank in April. Treasury Secretary Scott Bessent stated that nearly $500 million in Iranian-related crypto assets have been frozen so far this year.

In January, OFAC blacklisted two UK-registered exchanges, which were involved in approximately $1 billion in stablecoin transactions related to the Islamic Revolutionary Guard Corps.

Iran's crypto ecosystem is valued at about $7.7 billion, with roughly half held in Revolutionary Guard accounts. Since April, Iran has announced accepting cryptocurrencies for shipping costs through the Hormuz Strait and even launched a Bitcoin-backed freight insurance called "Hormuz Safe."