Alongside the two insurance firms, the Treasury sanctioned eight additional companies tied to Iran’s shadow fleet and identified eight vessels as blocked property. Bitcoin and the HormuzSafe WebsiteOFAC’s core claim against HormuzSafe is that it accepted Bitcoin and other cryptocurrencies to sidestep sanctions and funnel money back to the IRGC. The site apparently showed “digital insurance” options for maritime cargo, with Bitcoin listed as an accepted payment method. But there’s no on-chain evidence confirming any Bitcoin payments actually went through the HormuzSafe platform. OFAC said HormuzSafe accepted Bitcoin and other cryptocurrencies to evade US sanctions and generate revenue for Iran’s Islamic Revolutionary Guard Corps.