Fraudsters have been impersonating Iranian officials to target shipping companies with scams in the Strait of Hormuz. According to the Greek maritime risk management firm MARISKS, these scammers demand payments in Bitcoin (CRYPTO: BTC) and Tether (CRYPTO: USDT) from vessels stranded in the region. They request vessel ownership documents, cargo manifests, and crew lists, followed by payment demands that can range from hundreds of thousands to millions of dollars. One vessel that attempted to pay a fraudulent fee was shot at by Iranian boats, forcing it to turn back. The scams are particularly effective due to their resemblance to real Iranian policies that require laden oil tankers to pay transit fees in cryptocurrency. This situation has left hundreds of ships and approximately 20,000 seafarers stranded in the Gulf, leading to delays and significant financial losses. The U.S. has imposed restrictions on Iranian ports, while Iran has intermittently opened and closed the Strait of Hormuz, a critical passage for global oil and liquefied natural gas. The use of cryptocurrency in these scams underscores the challenges of tracing and recovering funds, as payments are irreversible once made. As a result, shipping companies are increasingly vulnerable to these fraudulent schemes, exacerbating the crisis in the region.