US naval blockade of Iran spawns $344M in crypto scams targeting stranded vessels

The US naval blockade of Iranian ports has produced an unexpected side effect: a wave of crypto fraud targeting the very ships stuck in its crosshairs.

Since CENTCOM initiated the blockade on April 13 at 10 a.m. ET, US forces have redirected approximately 141 commercial vessels, disabled nine ships that refused to comply, and permitted 42 humanitarian aid vessels to pass through. But running parallel to it is a growing scam economy, with fraudulent actors impersonating authorities and demanding Bitcoin and USDT payments from stranded vessels in exchange for safe passage.

The US Treasury has moved to freeze approximately $344 million in digital assets linked to these blockade-related scams.

The blockade by the numbers

The operation covers Iranian ports across the Arabian Gulf and Gulf of Oman. Non-Iranian vessels transiting the strategically critical Strait of Hormuz are still being allowed through, a deliberate choice designed to pressure Tehran without choking off global shipping lanes entirely.

By May 23, US forces had already redirected 100 vessels, a milestone that involved over 15,000 US personnel.

Nine vessels have been rendered inoperable through tactical measures after refusing to change course. Notable incidents include the M/T Hasna, disabled on May 6, and the M/V Lian Star, which was taken out of commission in late May.

How the crypto scams work

Scammers have been exploiting the blockade by contacting stranded commercial vessels and impersonating military or port authorities. The pitch is straightforward: pay a fee in BTC or USDT, and your vessel gets cleared for passage.

The $344 million in frozen digital assets suggests this isn’t a handful of opportunistic grifters. That figure points to organized operations running multiple scam campaigns simultaneously, likely targeting dozens of vessels and their operators across the region.

The use of USDT alongside Bitcoin is telling. Tether’s stability and widespread acceptance in international trade circles make it an ideal currency for this type of fraud. Ship operators dealing in large sums are more likely to transact in a stablecoin pegged to the dollar than in volatile Bitcoin, though scammers apparently aren’t picky about which they’ll accept.

What this means for crypto investors

The Treasury’s asset freeze is notable for several reasons. First, $344 million represents one of the larger enforcement actions tied to crypto fraud in a geopolitical context. Second, the blockade started in April and the freeze actions followed within weeks.

Oil market disruptions from the blockade have already contributed to increased volatility across digital asset prices in April, as traders speculated about the potential impact on Strait of Hormuz traffic.

Any unsolicited communication demanding crypto payment in exchange for clearing regulatory or military hurdles is, without exception, fraud. The US Navy does not accept Bitcoin.

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