Scammers Demand Bitcoin From Shipping Companies for Passage Through Strait of Hormuz

Fraudsters impersonating Iranian authorities are contacting shipping companies with offers of "safe passage" through the Strait of Hormuz in exchange for payments in Bitcoin or USDT. The scheme was flagged by Greek maritime risk management firm Marksis, according to Reuters.

How the Extortion Scheme Operates

Marksis analysts examined one of the messages sent by the perpetrators to shipping firms. The communication instructed companies to first submit documentation for review by Iran's security service, then pay a transit fee in cryptocurrency. In return, the scammers promised unimpeded passage through the strait "at a pre-agreed time."

According to Marksis, at least one vessel may have fallen victim to the scheme. On April 18, a ship attempted to transit through the Strait of Hormuz but came under fire.

Why This Matters

The emergence of this extortion scheme coincides with escalating geopolitical tensions around the Strait of Hormuz — one of the world's most critical oil trade chokepoints. The use of cryptocurrencies as an extortion tool in an active conflict zone illustrates how digital assets can be weaponized, particularly when fear and uncertainty dominate decision-making.

Earlier this month, the Financial Times reported — citing oil exporters — that Iran was allegedly planning to charge shipping companies cryptocurrency fees for passage through the strait. No official confirmation followed. Experts at the time called Tehran's purported plans "virtually unfeasible," pointing to ongoing sanctions against the country and the transparency of blockchain technology, which could expose Western-registered firms to serious legal consequences.

Strait of Hormuz: Negotiations Amid Escalation

On April 17, Iranian authorities announced the reopening of the Strait of Hormuz. The situation quickly reversed course, however, when US President Donald Trump threatened to destroy all power plants and bridges in Iran should negotiations collapse. Tehran responded by signaling it might skip a second round of talks as long as the United States maintains its naval blockade.

The next meeting between US and Iranian representatives was scheduled for April 22, Axios reported. The situation remains highly volatile due to ongoing threats from both sides.

Against this backdrop, analysts at Bitwise noted that the Middle East conflict has brought Bitcoin closer to functioning as a real medium of exchange — digital assets are increasingly appearing in the context of international settlements and geopolitical developments.