Iran said it would begin accepting Bitcoin for oil tankers passing through the Strait of Hormuz.
Now crypto scammers are targeting oil tankers.
Authorities have fired at vessels who paid scammers for safe passage.
Iran has opened fire on at least one ship who thought it had paid the fee to pass through the Strait of Hormuz in Bitcoin. In reality, it had actually fallen victim to scammers pretending to represent Iranian government officials.
The incident occurred on April 18 and was part of a broader crime wave where ships awaiting passage through the vital trading lane have received fake messages promising safety — in exchange for cryptocurrency, reported Reuters
On Monday, shipowners were warned by Greek maritime risk management firm MARISKS that unknown actors, allegedly claiming to be Iranian authorities, had sent some oil tankers messages demanding toll fees in Bitcoin or Tether.
“Those specific messages are a scam,” said MARISKS.
The company did not immediately reply to a request for comment from DL News.
The situation is damning, especially as the conflict between Iran, Israel and the US enters its seventh week.
Bitcoin payments
In early April, Iran announced it would begin collecting a $1-per-barrel toll for ships passing through the Strait of Hormuz, a vital artery for the world’s oil trade, and that toll would be payable in Bitcoin.
Bitcoin enthusiasts quickly hailed Iran’s new toll system as proof that crypto had arrived as a tool for international commerce — and a neutral settlement layer that could bypass US dollar dominance.
Other analysts were sceptical. Sam Lyman of the Bitcoin Policy Institute wrote in an April 15 report that collecting tolls in Bitcoin is “virtually impossible” with current technology.
Now scammers are exploiting that same narrative, using Iran’s actual Bitcoin toll announcement to trick desperate shipping companies into paying fraudulent fees.
Iran wants Bitcoin for Hormuz ransom. That will send Bitcoin price to $1m, says BitwiseWhat happens when the country that controls 20% of the...What happens when the country that controls 20% of the world’s oil supply suddenly starts demanding Bitcoin as payment?
Attacked by Iran
On April 18, Iran briefly opened the Strait of Hormuz subject to checks.
Ships tried to pass, but at least two vessels — including a tanker — reported that Iranian boats fired shots at them, forcing the vessels to turn around,
At least one vessel that tried to exit the Strait on April 18, and was hit by Iranian gunfire, was a victim of the fraud, said MARISKS.
It’s not clear yet which companies have been targeted.
Reuters reported that the fake messages instruct shipping companies to provide documents for assessment by “Iranian Security Services,” then pay cryptocurrency fees for their vessels to “transit the Strait unimpeded at the pre-agreed time.”
Pedro Solimano is a markets correspondent based in Buenos Aires. Got a tip? Email him at psolimano@dlnews.com.
