Crypto Scam Targets Ships in Strait of Hormuz

A new cryptocurrency scam is targeting ships stranded near the Strait of Hormuz, falsely promising safe passage through the vital waterway. One vessel, a Liberia-flagged cargo ship, was reportedly fired upon after receiving what may have been a fraudulent message granting permission to pass. The Greek maritime risk management company MARISKS first warned of the scam on April 20.

Scammers are posing as Iranian authorities. They send messages to shipping companies. These messages request “transit fee” payments in Bitcoin or Tether. This tactic exploits the existing situation where Iranian authorities have demanded cryptocurrency payments from oil tankers to pass through the strait.

Iran has also required ships to follow a specific route near its coastline for inspection. The Strait of Hormuz is a critical shipping channel. It normally facilitates one-fifth of the world’s oil and liquefied natural gas supply. Approximately two thousand ships and twenty thousand mariners remain stranded near the strait.

The security situation in the Strait of Hormuz is complex. Shipping traffic has largely halted since February 28. This followed military actions by the United States and Israel against Iranian targets. Iran has retaliated with attacks on military bases, Israel, and energy infrastructure in Gulf countries.

Major shipping companies have avoided the area due to these attacks. The United Kingdom Maritime Trade Operations (UKMTO) has reported twenty-two confirmed attacks and thirteen suspicious incidents. These attacks have involved missiles, drones, and gunfire from small boats. The US Navy has also implemented a blockade since April 13, seizing some vessels and turning back others. This chaotic environment provides an opportunity for scammers.