A few weeks ago, it was reported that Iran intends to charge a toll for passing, and Bitcoin was named the currency of choice.
On April 8, FT published a report titled “Iran demands crypto fees for ships passing Hormuz during ceasefire,” except it wasn’t crypto, it was Bitcoin. The report covered developments during the current two-week ceasefire in the war between the United States, Israel, and Iran, specifically over the Strait of Hormuz, which pre-war saw 20% of global oil flow through in tankers, supplying Europe, Asia, and much of the world.Iran as the article stated intents to charge a toll for ships to be allowed passage through Hormuz a key geographic choke point which Iran has tight control over via long range missiles, underwater mines and attack drone technologies.
This was followed by reports from Reuters that a cryptocurrency payment was made to secure passage for one ship from India. This led to official maritime warnings about scammers impersonating Iranian government officials.
The incident occurred on April 18 and was part of a broader crime wave where ships awaiting passage through the vital trading lane have received fake messages promising safety — in exchange for cryptocurrency, reported Reuters.On Monday, shipowners were warned by Greek maritime risk management firm MARISKS that unknown actors, allegedly claiming to be Iranian authorities, had sent some oil tankers messages demanding toll fees in Bitcoin or Tether.“Those specific messages are a scam,” said MARISKS.
The captain of the Sanmar Herald was a bit shocked to find his ship being fired upon.
Sepah Navy, this is Motor Vessel Sanmar Herald.Sepah Navy, Sepah Navy.This is Motor Vessel Sanmar Herald.You gave me clearance to go!My name second on your list.You are firing now — let me turn back!You gave me clearance to go.You are firing now.
Indian officials are now denying that the Bitcoin payments ever happened.
India on Wednesday denied making any payments – either in cash or cryptocurrency – to Iran to secure safe passage for its vessels through the Strait of Hormuz amid heightened tensions in the region.The clarification came after two Indian vessels had to turn back from the Strait of Hormuz after Iranian forces fired upon them as they attempted to cross the crucial waterway on April 18….At a news briefing, Mukesh Mangal, Additional Secretary in the Ministry of Ports, Shipping and Waterways, termed as “fake news” the report of any payment being made for the safe passage of Sanmar Herald.
The shipping firm also denies the allegations.
Chennai-based Sanmar Shipping also issued a statement rejecting the claims. “It has come to our attention that there have been reports on social media about Sanmar Shipping’s very large crude carrier, Sanmar Herald, flying the Indian flag, falling prey to a cryptocurrency scam. We would like to clarify that these reports are completely false,” the statement read.The company said it is working closely with Indian authorities to ensure safe navigation of its vessels.
In the fog of war and opportunism swirling around the Strait of Hormuz, one lesson is already clear: “clearance” from Iranian “officials” is worth nothing.
Whether the demand comes in dollars, dinars, or digital coins, the outcome appears unchanged: confusion, denials, and, in some cases, incoming fire. For now, any promises or deals tied to Tehran, no matter the currency, should be treated as strategically and financially worthless.
This is a priceless lesson for the Indians and everyone else attempting to navigate the troubled waters of the Strait of Hormuz, whether the bitcoins were electronically sent in this incident or not.
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