The US Office of Foreign Assets Control (OFAC) sanctioned two Iranian maritime firms, the Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority, accused of being integral to the Islamic Revolutionary Guard Corps (IRGC) and its extortion scheme. This plan, called Hormuz Safe, allowed shipowners to pay for insurance with BTC and other cryptocurrencies to guarantee safe passage through the Strait of Hormuz, potentially generating over $10 billion in revenue. US Treasury Secretary Scott Bessent stated that the Iranian regime, with its economy in freefall and triple-digit inflation, was desperately seeking cash. Sanctioned financier Babak Morteza Zanjani promoted the scheme on social media and reportedly moved $850 million via Binance between 2024 and 2025.
Source: Read the original article
