Greek maritime risk management firm Marisks has issued a stark warning about fraudsters impersonating Iranian authorities to extort cryptocurrency payments from shipping companies. The scammers are demanding Bitcoin (BTC) or Tether (USDT) as a 'passage fee' for vessels navigating the Strait of Hormuz, one of the world's most critical oil chokepoints.
Fraud Details: Fake Officials Demand Crypto
According to Marisks, the scammers contact shipping firms via forged letters or phone calls, claiming to represent the Iranian government or the Islamic Revolutionary Guard Corps. They demand an immediate 'safe passage fee' in cryptocurrency before the vessel transits the strait. Marisks stresses that this is a complete scam — no legitimate Iranian authority ever requests payments in this manner.
A particularly alarming incident occurred on April 18, when a vessel attempting to exit the Strait of Hormuz came under gunfire. While no casualties were reported, Marisks suspects the ship may have been a target after refusing to pay or falling victim to the extortion. The exact link remains unconfirmed, but the timing and method have heightened industry concern.
Why Crypto Is the Tool of Choice
Cryptocurrencies offer pseudonymity, cross-border ease, and irreversible transactions, making them ideal for illicit schemes. Bitcoin and USDT are already used in some legitimate maritime transactions, providing cover for scammers. The fraudsters exploit shipowners' fears over the security of the Hormuz waterway, where Iran has previously seized vessels amid geopolitical tensions.
This region sees about 30% of the world's seaborne oil shipments daily. Since 2023, several incidents of vessel detention have occurred, conditioning shipping firms to expect 'additional fees'. The scammers leverage this uncertainty to create urgency and bypass verification.
Marisks' Recommendations
Marisks advises all shipping companies to: verify any payment requests through official diplomatic or industry channels; enhance crew communication security to prevent data leaks; and treat any demand for cryptocurrency to personal wallets as fraudulent. The firm also urges victims to immediately contact law enforcement with wallet addresses, as blockchain data may aid tracing — though recovery remains unlikely.
Industry Ramifications and Broader Risks
This case highlights the growing abuse of cryptocurrencies in targeted extortion. The International Chamber of Shipping (ICS) has warned about phishing and ransomware before, but geopolitically-piggybacked scams are novel. Experts predict similar schemes could emerge at the Malacca Strait, Suez Canal, or other strategic chokepoints.
Marisks calls for a global information-sharing network among maritime operators to preempt such fraud. Training finance departments to spot crypto-based extortion is critical. Insurers may also adjust policy terms to cover losses from these scams.
As of now, no confirmed financial losses have been reported publicly, but the April 18 shooting has put the industry on edge. Marisks reiterates: there is no legitimate 'safe passage fee' paid in cryptocurrency. Shipowners must verify all transit requirements with official embassies or maritime bodies before sailing through sensitive waters.