Fraudulent Activities

Scammers are reportedly impersonating Iranian officials to solicit transit fees in either Bitcoin (BTC) or Tether (USDT) through encrypted messages that appear to offer safety clearance for ships.

Crisis in the Strait of Hormuz

A recent warning from MARISKS, a maritime risk management firm, indicates that these fake messages are misleading shipowners into believing they need to pay cryptocurrency to transit the Strait of Hormuz. Specifically, the scammers have reached out under the guise of Iranian authorities, dictating that fees must be sent in cryptocurrency for expedition clearance. According to MARISKS, these messages are fraudulent.

An example of such a message is stated as:

“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.”

The already tense situation around the Strait is further complicated by the U.S. maintaining restrictions on Iranian ports. It has led to significant disruptions in maritime traffic, causing around 20,000 seafarers and hundreds of vessels to be held back due to security concerns and undefined transit rules. Some of those ships have reported aggressive encounters.

On April 18, Iranian authorities permitted some vessels to pass after they underwent inspections; however, the overall tension persists. Reports also suggest that there may be connections between recent incidents and scam messages requesting cryptocurrency payments for transit clearance.

Underground Crypto Payments to Avoid Sanctions

Reports from earlier this month revealed that the Iranian Revolutionary Guard Corps (IRGC) has been allegedly extracting fees from ships wishing to pass through safely. Companies need to coordinate with IRGC-affiliated intermediaries, presenting detailed information before negotiating these fees, with costs starting around $1 per barrel paid in stablecoins. In exchange, ships receive a permit code that allows them through the strait.

Hamid Hosseini, a spokesperson for Iran’s Oil, Gas, and Petrochemical Products Exporters’ Union, indicated that tankers must contact Iranian authorities detailing their cargo, after which a toll is established, necessitating rapid payment in digital currencies like Bitcoin to mitigate sanctions risks.