Scammers pose as Iranian officials, demand bitcoin from ships in Strait of Hormuz
Crypto criminals have once again found a weak spot to exploit, tricking people into giving away their crypto assets. This time, they’re exploiting the blockade of the Strait of Hormuz, the key passage for oil and liquefied natural gas shipments from the Middle East.
US blockade operation related to the Strait of Hormuz. US Navy/Getty.
Crypto criminals have once again found a weak spot to exploit, tricking people into giving away their crypto assets. This time, they’re exploiting the blockade of the Strait of Hormuz, the key passage for oil and liquefied natural gas shipments from the Middle East.
Scammers are impersonating Iranian authorities and targeting shipping companies with messages demanding payments for transit fees in bitcoin (BTC) or tether (USDT) stablecoin for "clearance," Reuters reported, citing an alert issued by the Greek maritime risk management firm MARISKS.
While Tehran has not issued any official comment on the matter, it's also unknown whether any of the targeted shipping companies fell victim to this scam.
The scheme did not appear out of the blue. Earlier in April, reports surfaced that Iran had indeed begun accepting cryptocurrency for Strait of Hormuz transit tolls, starting in mid-March 2026.
"Since mid-March 2026, the Islamic Revolutionary Guard Corps (IRGC) has charged ship operators up to $2 million per vessel to transit the strait, accepting payment in either Chinese yuan – routed through Kunlun Bank via CIPS, outside SWIFT – bitcoin, or possibly USDT," blockchain analysis company TRM Labs said back then.
In either case, Iran is not a newcomer in the crypto world. It's already known for using BTC and stablecoins to circumvent sanctions, protect capital, and move it, bypassing traditional financial rails.
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As reported by Cybernews, even the Central Bank of Iran has tried to use stablecoins to circumvent sanctions and prop up the local market, ignoring multiple stories of frozen stablecoin accounts, including its own. Contrary to bitcoin, stablecoin operators can freeze accounts. However, this would also require identifying which address is associated with illicit activity.
Blockchain analysis company Chainalysis estimates that Iran’s crypto ecosystem surpassed $7.78 billion in 2025, having grown at a faster pace for most of the year compared to the year prior. Meanwhile, the IRGC’s on-chain activity is estimated to represent around half of Iran’s total crypto ecosystem in Q4 of 2025.
Iran is also known for its bitcoin mining operations.
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