US Targets Iran-Linked Bitcoin Scheme Tied to Strait of Hormuz Shipping

The US Treasury imposed sanctions on two Iranian companies that allegedly operated a Bitcoin-based maritime insurance scheme.

The companies, Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority (also known as Hormuz Safe), were accused of forcing commercial vessels to purchase insurance coverage while transiting the Strait of Hormuz.

According to the Treasury's Office of Foreign Assets Control (OFAC), this arrangement functioned as a form of extortion, generating revenue for the Islamic Revolutionary Guard Corps (IRGC).

The sanctions follow similar incidents earlier this year, including a reported attack on a tanker northeast of Oman after receiving Bitcoin-based scam messages.