Fraudsters Target Stranded Ships for Crypto Payments in Persian Gulf
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Shipping firms facing delays near the Strait of Hormuz are reportedly under siege by scammers masquerading as Iranian officials. These fraudsters are demanding cryptocurrency payments, specifically Bitcoin and USDt, in exchange for what they claim is “safe passage” through the crucial maritime route.
A recent alert from maritime risk management firm Marisks highlighted this new scam targeting shipowners whose vessels are stuck west of the Strait. The fraudulent communications assert that the perpetrators represent Iranian security services, insisting on transit fees payable in cryptocurrencies.
Marisks made it clear that these messages are not associated with any legitimate Iranian authority, and the Iranian government has yet to address these allegations. The warnings come amid escalating tensions in the region, which has led to a significant reduction in shipping activity through this vital corridor. Historically, the Strait of Hormuz has managed approximately 20% of the world’s oil and liquefied gas exports.
Earlier in the month, speculation arose regarding Iran’s potential plans to impose a cryptocurrency-based tariff for vessels navigating through the Strait. Reports indicated that ships would be charged a fee of approximately $1 for every barrel of oil transported, while empty tankers could pass free of charge.
In their communications, scammers instruct recipients to provide various verification documents before being given a “fee” payable in cryptocurrency. They suggest that once payment is made, vessels would receive permission for safe transit at a mutually agreed time.
For instance, one communication purportedly from Iranian authorities claimed the security services would evaluate the vessel’s eligibility before confirming payment terms in Bitcoin or USDt, thus making these crypto transactions a prerequisite for unhindered passage.
While reports surface of at least one vessel allegedly coming under fire while trying to exit the strait, it remains unverified whether this incident is linked to fraudulent directives.
Experts in maritime regulations warn that shipping companies contemplating compliance with these crypto demands may expose themselves to significant sanctions risks. According to Chainalysis senior intelligence analyst Kaitlin Martin, any financial transactions involving Iranian-controlled waterways could be interpreted as providing material support, thereby breaching US and international sanctions.
As the situation evolves, it’s crucial for shipping companies to remain vigilant and skeptical of any unsolicited demands for payment, especially those involving cryptocurrency, which continue to emerge as a tool for illicit activities in tumultuous regions.
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Gregory Russell
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