Scammers are demanding Bitcoin from Ships trapped in the Strait of Hormuz

By TheStreet Roundtable

22 days ago

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As hundreds of vessels remain stuck in the Gulf amid an escalating geopolitical standoff, a new threat has emerged.

Greek maritime risk management firm MARISKS issued an alert warning that unknown actors, posing as Iranian authorities, have been contacting shipping companies stuck in the Strait.

The scammers are demanding transit fees in Bitcoin (BTC) or USDT stablecoin issued by Tether in exchange for "clearance" through the Strait of Hormuz.

Why cryptocurrency is at the centre of it all

The scam is particularly insidious because it mirrors a real system.

Iran has reportedly proposed legitimate toll arrangements for vessels seeking passage. Tankers are required to pay transit fees starting at around $1 per barrel, potentially amounting to millions of dollars per voyage.

Those payments are expected to be made in digital currencies, including Bitcoin. The move hints at attempts to bypass traditional financial channels and avoid Western sanctions.

Hamid Hosseini, a spokesperson for Iran's Oil, Gas and Petrochemical Products Exporters' Union, had described the system: once an email with documents from the ship arrives, Iran completes its assessment, and vessels are given only seconds to pay in Bitcoin. This ensures transactions cannot be traced or confiscated under sanctions regimes.

This tight, opaque framework, whether it is real or exaggerated, has handed fraudsters the perfect cover to mimic official-sounding language and process.

Ships fired on after following fraudulent instructions

The consequences have already proven dangerous. As per Reuters, MARISKS said it believed at least one vessel that attempted to exit the strait on April 18 had fallen victim to the fraud.

Iran had briefly opened the chokepoint, subject to checks. At least two ships, including a tanker, reported that Iranian boats fired shots at them during that window, forcing them to turn back.

The fraudulent message cited by MARISKS read: "After providing the documents and assessing your eligibility by the Iranian Security Services, we will be able to determine the fee to be paid in cryptocurrency (BTC or USDT). Only then will your vessel be able to transit the strait unimpeded at the pre-agreed time."

TheStreet Roundtable reached out to MARISKS and the Iranian government for comments and had not received responses by the time of publication.

The broader crisis fuelling the vulnerability

Some 400 ships and approximately 20,000 seafarers are stranded in the Gulf, the product of overlapping blockades.

The United States has maintained its blockade of Iranian ports, while Iran has repeatedly opened and then re-imposed its own closure of the Strait of Hormuz. The U.S. Navy says its actions have already forced 27 ships to turn around.

Diplomatic efforts continue in parallel. U.S. Vice President JD Vance was expected to travel to Pakistan on April 21 for a fresh round of talks with Iran's lead negotiator, Mohammad Bagher Ghalibaf.

However, Iran has yet to confirm its participation, with Ghalibaf warning a day earlier that Tehran would not negotiate under "the shadow of threats."

President Trump spoke to CNBC and expressed cautious optimism while warning the military stood ready if talks collapsed.