US Targets Iran's Crypto Extortion Network in Strait of Hormuz
The US Treasury has targeted an Iranian cryptocurrency extortion network operating in the Strait of Hormuz. Two firms, the Persian Gulf Marine Insurance Company (PGMIC) and HormuzSafe Marine Services Authority (Hormuz Safe), are accused of forcing commercial ships to buy mandatory insurance to cross the strait.
Hormuz Safe is a digital insurance firm that accepts payments in Bitcoin and other digital assets, according to OFAC. It generates revenue on behalf of the IRGC and was promoted by sanctioned Iranian financier Babak Morteza Zanjani.
The US Treasury has also sanctioned eight shadow-fleet tankers and eight companies tied to Iranian oil shipments in the same action. The designations block US-held assets and bar US persons from dealing with listed entities, posing risks to foreign firms and financial institutions.