Crypto scam lures ships into Strait of Hormuz, falsely promising safe passage

A sophisticated crypto scam has tricked over 200 vessels into navigating the Strait of Hormuz by falsely promising safe passage for a fee of $8,000 in Bitcoin. The scheme exploits maritime distress and digital gullibility, luring ships into waters where naval tensions are high—90% of Iranian seizures occur in this corridor. This fraud costs victims an average of $12,000 in lost cargo and ransom demands, more than double the average crypto scam loss of $5,400. By targeting vulnerable vessels, the operation outpaces #7’s typical maritime theft rate by 30%, highlighting the intersection of cybercrime and geopolitical risk.