What to know:
- Crypto scams target ships near the Strait of Hormuz, demanding Bitcoin or USDT fees.
- Fake Iranian authority messages promise safe passage after crypto payments.
- Experts warn payments may trigger sanctions and legal risks for firms.
A crypto scam has emerged targeting shipping companies with vessels stranded near the Strait of Hormuz. Fraudulent actors are sending messages demanding cryptocurrency payments for safe passage. The warnings came from Marisks on Monday, citing growing reports from affected shipowners.
The company said unknown groups are posing as Iranian security officials. These actors request transit fees in Bitcoin or USDT. They promise clearance through the strait after payment, according to a report by Reuters.
Also Read: Iran Seeks Bitcoin Toll From Oil Ships in Hormuz Passage: Report
Hormuz Crisis and Crypto Scam Alerts
Marisks stated that these communications are fake and not associated with Iran. It recommended avoiding contacts with the sender of these communications. As of now, no official response from Tehran has been made. The firm stressed there is no verified payment system in place.
This crypto scam is emerging amidst tensions in the region. The strait is closed due to recent events in the region. This strait is an important route for energy supplies around the world. Many ships are still stranded off the strait.
Earlier reports indicated Iran is contemplating the imposition of transit taxes. It is reported that the taxes would be paid in Bitcoin. Empty ships would sail freely, according to this idea. Other ships would pay based on the volume of cargo.
Marisks explained the workings of the scam using cryptocurrencies in great detail. The communication tells the firm to submit documents for scrutiny. Once verified, the payment level is determined. Finally, safe passage is guaranteed at a fixed time.
Fraud Tactics Increase Risks for Shipping Firms
One message cited by the firm claimed official oversight. According to that message, the Iranians would evaluate the eligibility of a person for this. Such an arrangement makes it more likely that the transaction appears legitimate.
The other point is the connection of the messages to some recent incident. The ship attacked through gunfire might send similar messages. Although such a claim cannot be validated at present, it reflects the risk in the region.
According to Kaitlin Martin, the Chainalysis analyst, the payments can lead to sanctions exposure. They may be seen as providing material support, violating the regulations linked to the Islamic Revolutionary Guard Corps. The firms are advised to conduct a compliance risk assessment.
The existing ceasefire agreement between the United States and Iran expires on April 23. No information is available regarding any additional negotiations to be held in Pakistan. The shipping companies should consider not only security but also fraud-related threats.
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