Paying Iran in crypto could put shippers at sanctions risk: Chainalysis

Chainalysis analyst Kaitlin Martin drops the hammer: shipping companies thinking about paying Iran in crypto for transit fees through key waterways are playing with fire. This could be seen as 'material support' to a sanctioned regime — hello, US and international restrictions.

Martin's warning comes as rumors swirl that Iran might start collecting crypto tolls. No official confirmation yet, but Trump has already said he won't accept any attempt by Tehran to impose fees on shipping through the Strait of Hormuz.

Tehran isn't new to this — they've been using digital assets, especially stablecoins, to facilitate trade in oil, weapons, and commodities. Public data doesn't lie.

But here's the kicker: crypto isn't some magic bullet for sanctions evasion. Blockchain transactions are transparent AF and leave a permanent trail. Martin says it's actually easier to trace than traditional methods. Investigators can follow funds to cash-out points and freeze or seize assets.

Meanwhile, Iran's Bitcoin mining power has cratered — losing around 7 exahashes per second and dropping to roughly 2 EH/s. Escalating tensions with the US and Israel are likely to blame.

The global Bitcoin network? Still chilling near 1,000 EH/s. The damage is contained to Iran, with neighbors like the UAE and Oman unaffected.