Iran’s Crypto-Funded Hormuz Shipping Scheme Hit by OFAC

TL:DR:

• The Office of Foreign Assets Control (OFAC) sanctioned Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority for operating a maritime insurance scheme linked to the Islamic Revolutionary Guard Corps (IRGC).
• HormuzSafe accepted payments in Bitcoin (BTC) and other digital assets to allow commercial vessel transit through the Strait of Hormuz.
• Punitive measures included the designation of eight foreign shipping companies and the identification of eight oil tankers as blocked property for transporting Iranian crude.

Through OFAC, the US Department of the Treasury sanctions maritime transport scheme backed by Iran that used cryptocurrencies to extort commercial vessels in the Strait of Hormuz.

Digital Asset-Funded Extortion Network

Official US Treasury designations targeted the Persian Gulf Marine Insurance Company entity and the firm HormuzSafe Marine Services Authority. According to information released by US authorities, both companies sold policies designed to cover alleged maritime risks created by the Iranian regime itself in that key waterway.

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