Strait Of Hormuz Crisis Sparks Cryptocurrency Shipping Scam
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MoneyPersonal FinanceStrait Of Hormuz Crisis Sparks Cryptocurrency Shipping ScamBySteve Weisman,Contributor.Forbes contributors publish independent expert analyses and insights. Steve Weisman writes about white-collar crime.Follow AuthorApr 24, 2026, 12:05pm EDT--:-- / --:--This voice experience is generated by AI. Learn more.This voice experience is generated by AI. Learn more.Strait of Hormuz map with oil trade routs connecting the Persian Gulf and Gulf of Oman.gettyScammers are eager to take advantage of whatever is happening in the news to use it as a hook for scams. Scammers posing as charities or governmental agencies such as FEMA following natural disasters such as we saw during the aftermath of the California wildfires is an example of this type of activity. So, it shouldn’t be surprising as much of the world focuses on the Straif of Hormuz and the thousands of ships stranded in the Persian Gulf that scammers view the war in Iran as just another opportunity for scams.Approximately 20% of the world’s oil and liquified natural gas passes through the Strait of Hormuz during normal times, however these are not normal times and since the start of the war with Iran, United States forces have blockaded Iranian ports while Iran, in turn, first blockaded the Strait of Hormuz, then temporarily lifted the blockade before later reinstating it. Presently traffic in the Strait of Hormuz is largely non-existent with only occasional Iran-linked maritime traffic safely passing through the Strait. Meanwhile, hundreds of ships are stranded in the Persian Gulf.In late March, the Iranian parliament passed a law to impose transit fees on commercial maritime vessels going through the Strait of Hormuz. This legislation largely codified a toll system that Iran had already implemented informally since early March.According to Mohammadreza Rezaei Kouchi, the chair of the Iranian parliament’s Civil Affairs Committee, “Parliament is pursuing a plan to formally codify Iran’s sovereignty, control and oversight over the Strait of Hormuz; while also creating a source of revenue through the collection of fees…the Strait of Hormuz is also a corridor. We ensure its security, and it is natural for ships and tankers to pay us duties.”During the time of the informal taxing of vessels going through the Strait of Hormuz, Iran had, in many instances, demanded payment of as much as $2 million per vessel by way of cryptocurrency as a toll. The Iranian government is a major user of cryptocurrencies which it has done in many instances to avoid sanctions.MORE FOR YOUAll of this was an opportunity made to order for scammers to exploit. On April 18th, when Iran briefly opened the Strait of Hormuz, two ships attempting to pass were fired upon and forced to turn around. One of the vessels, the Sanmar Herald frantically radioed to the Iranian gunboats that it had been cleared to pass and had paid the toll.Unfortunately, they had paid the toll not to Iranian authorities but to scammers posing as Iran officials. The Greek maritime risk management company MARISKS issued a warning to shipowners that scammers posing as Iranian officials had been sending legitimate appearing messages to shipowners regarding safe passage through the Strait of Hormuz demanding documentation including vessel registrations, cargo manifests, crew lists and ownership information as well as requiring transit fees to be paid by either Bitcoin or Tether to be cleared for passage. The messages concluded with, “After providing the documents and assessing your eligibility by the Iranian Security Services, we will be able to determine the fee to be paid in cryptocurrency (BTC or USDT). Only then will your vessel be able to transit the strait unimpeded at the pre-agreed time,"The combination of Iran having already demanded tolls and those tolls be paid in cryptocurrencies created the perfect situation for scammers to exploit and get paid with their favorite form of payment.Editorial StandardsReprints & PermissionsLOADING VIDEO PLAYER...FORBES’ FEATURED Video