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Crypto scams are now a threat in the Strait of Hormuz, report

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Crypto scams are now a threat in the Strait of Hormuz, report

Crypto scammers are exploiting Iran’s closure of the Strait of Hormuz by posing as Iranian authorities and offering stranded ships safe passage in exchange for tether (USDT) and bitcoin (BTC). 

According to Reuters, the Greek maritime risk management ‌firm MARISKS has warned shipowners that some ships stranded on the west side of the gulf have received suspicious “clearance” proposals from scammers looking to exploit confusion over the Strait of Hormuz and Iran’s crypto toll proposal.

The senders are demanding crypto, and MARISKS warned: “These specific messages are a scam.”

Iranian government officials announced that the Strait of Hormuz would be closed in early March, and threatened to “set ablaze” any ships trying to cross following the US and Israel’s attacks. 

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Then, on April 8, Iranian oil exporters’ union spokesman Hamid Hosseini announced that Iran’s authorities would email shipowners and arrange a BTC payment in exchange for passage. 

Read more: How bombing Iran shifted oil and bitcoin prices

The statement was confusing to say the least. He claimed that BTC payments would take seconds (they take several minutes), that they would be untraceable (BTC is very traceable), and that they would circumvent sanctions (the US has already sanctioned Iranian BTC wallets).

Strait of Hormuz keeps opening and closing

Additionally, the Strait’s closure, reopening, and now second closure haven’t helped ships looking to leave the region either. 

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In one instance, two Indian vessels set off on April 18 to cross the Strait, believing they’d been given clearance from Iran. However, Iranian authorities opened fire on the vessels, forcing them to turn around. 

It’s unclear if these ships received phony “clearance” from the crypto scammers.

Read more: US-Israeli war with Iran forces TOKEN2049 cancellation

This happened on the same day that the Strait of Hormuz was briefly reopened. Iran quickly closed it again due to the US blockade put in place on April 13.

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A number of cruise ships with passengers onboard reportedly managed to flee the Gulf when it briefly reopened, and seemingly came under fire. More recently, the US seized an Iranian container ship on Sunday that attempted to pass its blockade. 

Overall, there are reportedly 20,000 ships stranded in the Gulf. 

Negotiations and peace talks between the US and Iran were underway last week and managed to secure a 10-day ceasefire agreement, which ends tomorrow. There are reports that more negotiations will take place this week. 

Various Asian countries are allowed to pass through the Strait, including Pakistan, India, and the Philippines.

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Chinese ships reportedly also passed safely, and President Xi Jinping has called for the route to remain open.

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Crypto World

Marvel Drops Bitcoin Mention in Daredevil Season 2

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Marvel Drops Bitcoin Mention in Daredevil Season 2

Wilson Fisk proposed diversifying his criminal empire into Bitcoin (BTC) during a flashback scene in Daredevil: Born Again, Season 2, Episode 5, marking one of the MCU’s most direct crypto references to date.

The moment aired on Disney+ on April 14 as part of “The Grand Design,” an episode built around Kingpin’s origin story.

Kingpin’s Bitcoin Pitch Got Overruled

The flashback takes place around 2014 to 2015, before the events of the original Netflix Daredevil series. Fisk, played by Vincent D’Onofrio, rides in a car with his right-hand man James Wesley, played by Toby Leonard Moore.

After discussing complications with an associate known as “The Lion,” Fisk floats the idea of Bitcoin as a way to modernize and diversify their money laundering operations.

Wesley pushes back, viewing crypto as too volatile. He steers Fisk toward the art world instead, mentioning a contact at the Scene Contempo Gallery.

Fisk initially dismisses art as pretentious but agrees to visit. That decision leads directly to his first encounter with Vanessa Marianna, setting up one of the MCU’s defining romances.

The timeline fits. BTC traded around $200 to $300 during that period, still far from mainstream recognition.

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For a forward-thinking crime boss exploring discreet financial channels, the suggestion landed as both plausible and amusing.

Crypto Fans Reacted Quickly

The line went mildly viral on social media. A post on Reddit’s r/Bitcoin community titled “Daredevil: Born Again S2 E5” drew upvotes and comments ranging from “that’s wild” to debates over whether Fisk would have been an early whale.

No later episodes have followed up on the idea. The art pivot is what stuck for Kingpin’s empire.

The post Marvel Drops Bitcoin Mention in Daredevil Season 2 appeared first on BeInCrypto.

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New York Sues Coinbase, Gemini Over Unlicensed Markets

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New York State, Polymarket, Kalshi, Prediction Markets

New York’s attorney general has filed lawsuits against crypto exchange operators Coinbase Financial Markets and Gemini Titan for allegedly violating state gambling laws, according to court records cited by Reuters.

Copies of the complaints show the state alleges both exchanges failed to obtain licenses from the New York State Gaming Commission to operate their markets, Reuters reported

“Gambling by another name is still gambling, ​and it ​is not ⁠exempt from regulation under our state laws and Constitution,” Attorney General Letitia James said in a statement.

James said the lawsuit seeks to recover alleged illegal profits from operating prediction markets in the state, as well as restitution, and would bar Coinbase and Gemini from offering such products to individuals under 21 years of age.

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New York State, Polymarket, Kalshi, Prediction Markets
Source: Office of New York State Attorney General

Related: Polymarket in talks to raise $400M at a $15B valuation: Report

State regulators crack down on prediction markets

The move fits into a broader push by state regulators, including New York, to assert control over prediction markets, which occupy a fast-growing corner of crypto commerce that allows users to bet on real-world events.

Much of the recent scrutiny has centered on platforms like Polymarket and Kalshi, which have drawn questions over whether their products fall under financial regulation or gambling laws.

The tension has also reached the federal level. The Commodity Futures Trading Commission (CFTC) has taken legal action against several states attempting to regulate prediction markets, arguing it has sole authority over the sector.

New York’s lawsuit underscores a key risk for crypto companies. Even as the federal stance has softened, state-level enforcement remains active. By targeting prediction-style markets, regulators may be opening a new front — one that could force platforms to rethink how these products are offered in major jurisdictions.

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Nevertheless, not every company is taking it lightly. As Cointelegraph reported, Polymarket has filed a lawsuit against Massachusetts, arguing the state lacks authority to regulate prediction markets approved by the CFTC.

New York State, Polymarket, Kalshi, Prediction Markets
Source: Neal Kumar, chief legal office, Polymarket

Related: NYSE parent ICE completes new $600M investment in Polymarket