New Bitcoin Extortion Scheme for Safe Passage Through the Strait of Hormuz Uncovered

Unknown individuals offer ships safe passage through the Strait of Hormuz for Bitcoin or USDT.

Unknown individuals are impersonating Iranian authorities, offering ships safe passage through the Strait of Hormuz in exchange for payment in Bitcoin or USDT. The Greek maritime risk management company Marksis has warned of this new scheme, reports Reuters. 

Experts examined one of the messages sent by the fraudsters to shipping companies. It stated that companies should first provide documents for verification by Iran’s security service. 

Subsequently, a transit fee must be paid in cryptocurrency. This supposedly allows for an “unimpeded crossing at a pre-agreed time,” according to Marksis. 

At least one vessel may have fallen victim to the scam. It attempted to leave Hormuz on April 18 but came under fire. 

Strait of Hormuz Remains Closed  

Earlier this month, journalists from the Financial Times, citing oil exporters, reported that Iran intends to demand payment in cryptocurrency from shipping companies for passage through the strait. No official confirmations followed. 

Later, experts described Tehran’s plans as “virtually unfeasible.” They pointed to the ongoing sanctions against the country and the transparency of the blockchain, which could pose problems for Western-registered firms. 

On April 17, Iranian authorities announced the opening of the Strait of Hormuz. However, the situation changed a few days later: U.S. President Donald Trump threatened to destroy all power plants and bridges in Iran if negotiations failed. 

In response, the other side indicated it might skip a second round of talks while the United States maintains a naval blockade. 

The next meeting between U.S. and Iranian representatives is scheduled for April 22, reports Axios. However, the situation remains unstable due to ongoing threats from both countries. 

Experts from Bitwise stated that the conflict in the Middle East has brought Bitcoin closer to becoming a real means of settlement.