The US Treasury Department has moved to freeze approximately $344 million in digital assets linked to a sophisticated wave of cryptocurrency scams targeting commercial vessels caught in the US naval blockade of Iran.
Since Central Command initiated the blockade on April 13, US forces have redirected roughly 141 commercial ships and disabled nine that refused compliance. In response to this disruption, fraudulent actors began impersonating military and port authorities, demanding payments in Bitcoin (BTC) or Tether (USDT) for safe passage.
The scale of the frozen funds indicates organized criminal operations running multiple campaigns simultaneously across the Arabian Gulf and Gulf of Oman. The preference for USDT highlights its utility in international trade, offering scammers a stable medium for extortion compared to volatile cryptocurrencies.
This enforcement action marks one of the largest seizures tied to crypto fraud within a geopolitical conflict. Treasury officials emphasize that the US Navy does not accept cryptocurrency for regulatory clearance, warning all operators to treat such demands as immediate fraud.
Oil market disruptions from the blockade have already contributed to increased volatility in digital asset prices, as traders speculate on the impact to Strait of Hormuz traffic.