Audit log

Every state-changing event for HormuzSafe Marine Services Authority / Persian Gulf Marine Insurance Company (PGMIC): moderation decisions on community submissions, plus corrections and updates from the news pipeline. URL-based decisions are designed to carry three independent witnesses — the original source, an Internet Archive snapshot, and a Solana memo signed by our publicly-disclosed publisher key. Archive coverage is still being backfilled, so each decision below reports its own snapshot status rather than assuming one exists.

1. #1publishby system:backfill

   2026-08-04 12:22:24Z
   Score: ? → ? (no score change)
   anchorpending

   chain

   ●—

   hash

   EKYs7K1DTomX…nBPoXbyrcopysha256 → base58

   verifying row…

   canonical bytes (21086 B) ▸

   {"actor":"system:backfill","investigation_id":"66004779-b4f2-4848-838e-cc78e9d06099","kind":"publish","page_slug":"hormuzsafe-marine-services-authority-persian-gulf-marine-insurance-company-pgmic","published_at":"2026-08-04T12:22:24.376Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"HormuzSafe Marine Services Authority / Persian Gulf Marine Insurance Company (PGMIC)","sections":[{"content":"On July 29, 2026, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) designated HormuzSafe Marine Services Authority and Persian Gulf Marine Insurance Company (PGMIC) as Specially Designated Nationals (SDNs) under Executive Order 13902, which targets Iran's petroleum and petrochemical sectors. The designations also invoked Executive Order 13224 (counter-terrorism) and National Security Presidential Memorandum 2 (NSPM-2). All property and interests in property of the designated entities within U.S. jurisdiction are blocked, and U.S. persons are prohibited from transacting with them. Foreign entities that transact with the designated parties risk exposure to secondary sanctions. Treasury Secretary Scott Bessent stated: 'With its economy in freefall and inflation in the triple digits, the regime is desperate for cash,' adding that Iran was attempting 'to hold global commerce hostage.' The action simultaneously swept in eight shadow-fleet tankers and eight associated management companies, bringing the total number of Iran-linked vessels sanctioned since the start of 2026 to over 100.","heading":"OFAC Designation and Legal Basis","severity":"critical","sources":[{"credibility":1,"name":"Treasury Disrupts Iranian Regime's Strait of Hormuz Extortion Network — U.S. Department of the Treasury","type":"regulatory","url":"https://home.treasury.gov/news/press-releases/sb0581"},{"credibility":1,"name":"Treasury Disrupts Iranian Regime's Strait of Hormuz Extortion Network — GlobalSecurity.org","type":"regulatory","url":"https://www.globalsecurity.org/wmd/library/news/iran/2026/07/iran-260729-treasury01.htm"}]},{"content":"HormuzSafe Marine Services Authority is a digital platform developed by Iran's Ministry of Economy that advertises maritime services — including traffic control, security, emergency response, and insurance — for commercial vessels transiting the Strait of Hormuz. Persian Gulf Marine Insurance Company (PGMIC) was established by the Central Insurance of the Islamic Republic of Iran and brokered insurance policies approved by the Persian Gulf Strait Authority (PGSA), an IRGC-backed entity separately designated by OFAC on May 27, 2026. Together, HormuzSafe and PGMIC formed what OFAC described as the financial backbone of a toll network: HormuzSafe served as the payment-processing and services layer, while PGMIC provided an insurance wrapper that gave the scheme a veneer of commercial legitimacy. Treasury alleged that the policies covered risks 'most of which are created by Iran itself, such as vessel seizures,' making the arrangement coercive in nature. Iran's Fars News Agency reportedly claimed the model could generate over $10 billion in revenue, though the basis for that figure was not independently verified. A fee of approximately $1 per barrel of cargo was alleged by reporting outlets, though this figure does not appear in official Treasury documentation reviewed.","heading":"Scheme Structure and Operational Mechanics","severity":"critical","sources":[{"credibility":1,"name":"Treasury Disrupts Iranian Regime's Strait of Hormuz Extortion Network — U.S. Department of the Treasury","type":"regulatory","url":"https://home.treasury.gov/news/press-releases/sb0581"},{"credibility":2,"name":"New U.S. Sanctions Target Iran's Emerging Strait of Hormuz Maritime Services Network — gCaptain","type":"news_article","url":"https://gcaptain.com/new-u-s-sanctions-target-irans-emerging-strait-of-hormuz-maritime-services-network/"},{"credibility":2,"name":"OFAC Targets Iran's Extortion Insurance Scheme in Hormuz — Seatrade Maritime","type":"news_article","url":"https://www.seatrade-maritime.com/security/ofac-targets-iran-s-extortion-insurance-scheme-in-hormuz"},{"credibility":2,"name":"US Targets Iran's Wartime Crypto Extortion Network in Strait of Hormuz — CryptoTimes","type":"news_article","url":"https://www.cryptotimes.io/2026/07/30/us-targets-iran-wartime-crypto-extortion-network-in-strait-of-hormuz/"}]},{"content":"OFAC explicitly cited HormuzSafe's acceptance of Bitcoin and other digital assets as a central component of Iran's sanctions evasion strategy. According to Treasury, the use of permissionless payment rails was intended to route transactions outside dollar-based banking infrastructure and beyond the reach of conventional sanctions enforcement. The official designation documents do not disclose specific wallet addresses, transaction volumes, or cumulative payment amounts. The broader enforcement context includes a mid-July 2026 action in which Tether froze approximately $131 million in USDT linked to cryptocurrency wallets sanctioned as part of the same maximum-pressure campaign against Iran. Treasury's designation made clear that cryptocurrency payments to sanctioned Iranian entities carry the same legal exposure as wire transfers through the traditional banking system, and that U.S. persons and foreign entities with U.S. nexus face civil and criminal penalties for violations.","heading":"Bitcoin and Cryptocurrency Payment Rails","severity":"critical","sources":[{"credibility":2,"name":"U.S. Sanctions Iran-Linked Bitcoin Insurance Scheme for Strait of Hormuz Ships — CoinDesk","type":"news_article","url":"https://www.coindesk.com/policy/2026/07/31/u-s-sanctions-iran-linked-bitcoin-insurance-scheme-for-strait-of-hormuz-ships"},{"credibility":2,"name":"The US Just Blacklisted the Iranian Maritime Scheme Forcing Commercial Ships to Pay Bitcoin Tolls — CryptoSlate","type":"news_article","url":"https://cryptoslate.com/the-us-just-blacklisted-an-iranian-maritime-scheme-forcing-commercial-ships-to-pay-bitcoin-tolls-for-safe-passage/"},{"credibility":2,"name":"US Sanctions Firms Behind Iran's Strait of Hormuz BTC Insurance Scheme — Protos","type":"news_article","url":"https://protos.com/us-sanctions-firms-behind-irans-strait-of-hormuz-btc-insurance-scheme/"},{"credibility":2,"name":"OFAC Sanctions Iran's Bitcoin-Denominated Hormuz Insurance Racket — TFTC","type":"news_article","url":"https://www.tftc.io/ofac-sanctions-iran-bitcoin-hormuz-insurance-hormuz-safe-pgmic"}]},{"content":"Treasury's designation materials describe HormuzSafe and PGMIC as integral to the Islamic Revolutionary Guard Corps (IRGC) and its financial operations. The organizational chain runs from HormuzSafe and PGMIC upward through the Persian Gulf Strait Authority (PGSA) — itself designated on May 27, 2026 — to the IRGC and IRGC Navy. According to OFAC, the PGSA coordinated directly with the IRGC Navy to force commercial vessels to follow Iranian-designated maritime routes near Iran's coastline while charging fees for passage. HormuzSafe was developed under the auspices of Iran's Ministry of Economy, and PGMIC was established by the Central Insurance of the Islamic Republic of Iran, indicating deep state institutional backing. Revenue generated by the scheme is alleged to flow to IRGC operations. The Strait of Hormuz carries approximately 20% of the world's oil supply, making control over transit through the strait a significant geopolitical and financial lever.","heading":"IRGC Connections and State Backing","severity":"critical","sources":[{"credibility":1,"name":"Treasury Disrupts Iranian Regime's Strait of Hormuz Extortion Network — U.S. Department of the Treasury","type":"regulatory","url":"https://home.treasury.gov/news/press-releases/sb0581"},{"credibility":2,"name":"U.S. Sanctions Iran's Persian Gulf Strait Authority as Hormuz Transit Fight Escalates — gCaptain","type":"news_article","url":"https://gcaptain.com/u-s-sanctions-irans-persian-gulf-strait-authority-as-hormuz-transit-fight-escalates/"},{"credibility":2,"name":"US Sanctions Persian Gulf Strait Authority over IRGC Links — Jerusalem Post","type":"news_article","url":"https://www.jpost.com/international/article-897575"}]},{"content":"Treasury identified Babak Morteza Zanjani, described as a 'disgraced regime financier,' as a promoter of HormuzSafe. Zanjani, himself sanctioned by OFAC earlier in 2026, allegedly promoted HormuzSafe through his social media accounts to lend public visibility to the scheme. Reporting outlets allege Zanjani moved approximately $850 million through Binance between 2024 and 2025, despite his account being flagged multiple times. These allegations regarding Binance have not been independently confirmed through Tier 1 sources reviewed in this investigation and should be treated as low-confidence claims at this time.","heading":"Key Associated Individual: Babak Morteza Zanjani","severity":"high","sources":[{"credibility":1,"name":"Treasury Disrupts Iranian Regime's Strait of Hormuz Extortion Network — U.S. Department of the Treasury","type":"regulatory","url":"https://home.treasury.gov/news/press-releases/sb0581"},{"credibility":2,"name":"US Sanctions Firms Behind Iran's Strait of Hormuz BTC Insurance Scheme — Protos","type":"news_article","url":"https://protos.com/us-sanctions-firms-behind-irans-strait-of-hormuz-btc-insurance-scheme/"}]},{"content":"The July 29, 2026 OFAC action simultaneously designated eight tankers and eight ship management companies linked to Iran's shadow fleet — a covert logistics network enabling the Iranian regime to export oil in defiance of international sanctions. Vessels designated include: WELL SAIL (Marshall Islands, IMO 9321938), operated by Qi Hang Ship Management Ltd. (China); LILY (Mozambique, IMO 9294331), operated by Confident Apex Limited (Hong Kong); AL SALMI (IMO 9298296), operated by Billion Nexus Int'l Co., Limited (Hong Kong); BREEZE V (Barbados, IMO 9259355), operated by Nevada Spirit Company Limited (Hong Kong); NATSUMI (Barbados, IMO 9331244), operated by Marinova Freight Limited (Hong Kong), active since at least 2022; CRYSTAL (Vanuatu, IMO 9223887), operated by Vast Mighty Limited (Hong Kong/Marshall Islands); NIRETA (Vanuatu, IMO 9237785), operated by Ocean Tranquility Limited (Marshall Islands); and YEHOPE (Barbados, IMO 9243320), operated by Branch Saying International Trading Co Ltd (Marshall Islands). All eight vessel management companies were designated under E.O. 13902 for operating in Iran's petroleum sector.","heading":"Shadow Fleet Vessels and Associated Companies","severity":"high","sources":[{"credibility":1,"name":"Treasury Disrupts Iranian Regime's Strait of Hormuz Extortion Network — U.S. Department of the Treasury","type":"regulatory","url":"https://home.treasury.gov/news/press-releases/sb0581"},{"credibility":2,"name":"bne IntelliNews: US Sanctions Iran's HormuzSafe Marine Insurer, Shadow Fleet Tankers","type":"news_article","url":"https://www.intellinews.com/us-sanctions-iran-s-hormuzsafe-marine-insurer-shadow-fleet-tankers-457809/"}]},{"content":"Treasury framed the HormuzSafe and PGMIC designations as part of a maximum-pressure campaign against Iran following Operation Epic Fury, a series of U.S.-Israeli military strikes that began February 28, 2026. According to reporting, the strikes significantly disrupted Iranian oil revenue, prompting the regime to seek alternative hard-currency income streams through control of the Strait of Hormuz. The Strait of Hormuz is the world's most strategically important maritime chokepoint, through which approximately 20% of global oil supply transits. Iran's establishment of the Persian Gulf Strait Authority (PGSA) on May 5, 2026, followed by HormuzSafe and PGMIC's operationalization, represented an effort to institutionalize toll-collection and insurance mandates under a quasi-governmental maritime authority. The scheme was first reported publicly by CoinDesk on May 18, 2026, prior to the July 29 designations.","heading":"Geopolitical and Wartime Context","severity":"high","sources":[{"credibility":2,"name":"Iran's Negotiating Weapon: The Persian Gulf Strait Authority — Special Eurasia","type":"news_article","url":"https://www.specialeurasia.com/2026/06/01/iran-persian-gulf-authority/"},{"credibility":2,"name":"Iran's Persian Gulf Strait Authority Takes Steps Towards Operations — Maritime Executive","type":"news_article","url":"https://maritime-executive.com/article/iran-s-persian-gulf-strait-authority-takes-steps-towards-operations"},{"credibility":2,"name":"US Targets Iran's Wartime Crypto Extortion Network in Strait of Hormuz — CryptoTimes","type":"news_article","url":"https://www.cryptotimes.io/2026/07/30/us-targets-iran-wartime-crypto-extortion-network-in-strait-of-hormuz/"}]},{"content":"The OFAC designations carry direct compliance obligations for U.S. persons and significant secondary sanctions exposure for non-U.S. entities. U.S. persons must block all property and interests in property of the designated entities that come within U.S. jurisdiction, and must report blocked or rejected transactions to OFAC within 10 business days. Crypto payments to sanctioned entities carry equivalent legal exposure to traditional wire transfers. Shipowners, operators, insurers, and financial institutions that have engaged with HormuzSafe or PGMIC, paid transit fees through these entities, or facilitated cryptocurrency payments to them face potential civil and criminal penalties. OFAC's whistleblower program offers awards for information leading to penalties exceeding $1,000,000. The designations reinforce the precedent — following prior actions against Tornado Cash, OFAC's Lazarus Group wallet designations, and others — that crypto payment rails do not insulate counterparties from sanctions enforcement.","heading":"Compliance Implications for Crypto and Maritime Industries","severity":"high","sources":[{"credibility":1,"name":"Treasury Disrupts Iranian Regime's Strait of Hormuz Extortion Network — U.S. Department of the Treasury","type":"regulatory","url":"https://home.treasury.gov/news/press-releases/sb0581"},{"credibility":2,"name":"US Treasury Sanctions Iranian Firms Behind Bitcoin-Enabled Shipping Insurance Scheme — Crowdfund Insider","type":"news_article","url":"https://www.crowdfundinsider.com/2026/08/294583-us-treasury-sanctions-iranian-firms-behind-bitcoin-enabled-shipping-insurance-scheme-in-strait-of-hormuz/"}]}],"sources_used":[{"credibility":1,"name":"Treasury Disrupts Iranian Regime's Strait of Hormuz Extortion Network — U.S. Department of the Treasury","type":"regulatory","url":"https://home.treasury.gov/news/press-releases/sb0581"},{"credibility":1,"name":"Treasury Disrupts Iranian Regime's Strait of Hormuz Extortion Network — GlobalSecurity.org","type":"regulatory","url":"https://www.globalsecurity.org/wmd/library/news/iran/2026/07/iran-260729-treasury01.htm"},{"credibility":2,"name":"U.S. Sanctions Iran-Linked Bitcoin Insurance Scheme for Strait of Hormuz Ships — CoinDesk","type":"news_article","url":"https://www.coindesk.com/policy/2026/07/31/u-s-sanctions-iran-linked-bitcoin-insurance-scheme-for-strait-of-hormuz-ships"},{"credibility":2,"name":"New U.S. Sanctions Target Iran's Emerging Strait of Hormuz Maritime Services Network — gCaptain","type":"news_article","url":"https://gcaptain.com/new-u-s-sanctions-target-irans-emerging-strait-of-hormuz-maritime-services-network/"},{"credibility":2,"name":"The US Just Blacklisted the Iranian Maritime Scheme Forcing Commercial Ships to Pay Bitcoin Tolls — CryptoSlate","type":"news_article","url":"https://cryptoslate.com/the-us-just-blacklisted-an-iranian-maritime-scheme-forcing-commercial-ships-to-pay-bitcoin-tolls-for-safe-passage/"},{"credibility":2,"name":"OFAC Sanctions Iran's Bitcoin-Denominated Hormuz Insurance Racket — TFTC","type":"news_article","url":"https://www.tftc.io/ofac-sanctions-iran-bitcoin-hormuz-insurance-hormuz-safe-pgmic"},{"credibility":2,"name":"US Sanctions Firms Behind Iran's Strait of Hormuz BTC Insurance Scheme — Protos","type":"news_article","url":"https://protos.com/us-sanctions-firms-behind-irans-strait-of-hormuz-btc-insurance-scheme/"},{"credibility":2,"name":"US Targets Iran's Wartime Crypto Extortion Network in Strait of Hormuz — CryptoTimes","type":"news_article","url":"https://www.cryptotimes.io/2026/07/30/us-targets-iran-wartime-crypto-extortion-network-in-strait-of-hormuz/"},{"credibility":2,"name":"bne IntelliNews: US Sanctions Iran's HormuzSafe Marine Insurer, Shadow Fleet Tankers","type":"news_article","url":"https://www.intellinews.com/us-sanctions-iran-s-hormuzsafe-marine-insurer-shadow-fleet-tankers-457809/"},{"credibility":2,"name":"US Treasury Sanctions Iranian Firms Behind Bitcoin-Enabled Shipping Insurance Scheme — Crowdfund Insider","type":"news_article","url":"https://www.crowdfundinsider.com/2026/08/294583-us-treasury-sanctions-iranian-firms-behind-bitcoin-enabled-shipping-insurance-scheme-in-strait-of-hormuz/"},{"credibility":2,"name":"Iran's Negotiating Weapon: The Persian Gulf Strait Authority — Special Eurasia","type":"news_article","url":"https://www.specialeurasia.com/2026/06/01/iran-persian-gulf-authority/"},{"credibility":2,"name":"Iran's Persian Gulf Strait Authority Takes Steps Towards Operations — Maritime Executive","type":"news_article","url":"https://maritime-executive.com/article/iran-s-persian-gulf-strait-authority-takes-steps-towards-operations"},{"credibility":2,"name":"U.S. Sanctions Iran's Persian Gulf Strait Authority as Hormuz Transit Fight Escalates — gCaptain","type":"news_article","url":"https://gcaptain.com/u-s-sanctions-irans-persian-gulf-strait-authority-as-hormuz-transit-fight-escalates/"},{"credibility":2,"name":"US Sanctions Persian Gulf Strait Authority over IRGC Links — Jerusalem Post","type":"news_article","url":"https://www.jpost.com/international/article-897575"},{"credibility":2,"name":"Iran's Crypto-Funded Hormuz Shipping Scheme Hit by OFAC — Crypto Economy","type":"news_article","url":"https://crypto-economy.com/irans-crypto-funded-hormuz-shipping-scheme-hit-by-ofac/"},{"credibility":2,"name":"US Treasury Sanctions Hormuz Extortion — Tulsa Today","type":"news_article","url":"https://www.tulsatoday.com/2026/07/29/us-treasury-sanctions-hormuz-extortion/"}],"summary":"HormuzSafe Marine Services Authority and Persian Gulf Marine Insurance Company (PGMIC) are Iranian state-linked entities designated by OFAC on July 29, 2026, for operating an IRGC-backed extortion scheme that coerced commercial vessels transiting the Strait of Hormuz into purchasing mandatory 'insurance,' with Bitcoin and other digital assets accepted as payment to circumvent Western sanctions. HormuzSafe was developed by Iran's Ministry of Economy; PGMIC was established by the Central Insurance of the Islamic Republic of Iran and brokered policies approved by the separately-designated Persian Gulf Strait Authority (PGSA). Treasury described the arrangement as extortion rather than insurance, noting the policies purportedly covered risks — including vessel seizures — overwhelmingly created by Iran itself.","timeline":[{"date":"2026-02-28","event":"Operation Epic Fury begins: U.S.-Israeli military strikes on Iran disrupt oil revenue, reportedly prompting the regime to seek alternative hard-currency income streams.","source":"TFTC / OFAC press release context","source_url":"https://www.tftc.io/ofac-sanctions-iran-bitcoin-hormuz-insurance-hormuz-safe-pgmic"},{"date":"2026-05-05","event":"Islamic Republic of Iran founds the Persian Gulf Strait Authority (PGSA) as a legal authority for managing Strait of Hormuz transit, coordinated with IRGC Navy.","source":"Special Eurasia / Maritime Executive","source_url":"https://www.specialeurasia.com/2026/06/01/iran-persian-gulf-authority/"},{"date":"2026-05-18","event":"CoinDesk first publicly reports on HormuzSafe and the planned Iran Bitcoin maritime insurance scheme.","source":"CoinDesk","source_url":"https://www.coindesk.com/policy/2026/07/31/u-s-sanctions-iran-linked-bitcoin-insurance-scheme-for-strait-of-hormuz-ships"},{"date":"2026-05-27","event":"OFAC designates the Persian Gulf Strait Authority (PGSA) as an IRGC-linked entity engaged in terrorism financing.","source":"U.S. Department of the Treasury","source_url":"https://home.treasury.gov/news/press-releases/sb0581"},{"date":"2026-07-01","event":"Tether freezes approximately $131 million in USDT linked to cryptocurrency wallets sanctioned as part of the broader Iran maximum-pressure campaign.","source":"bne IntelliNews","source_url":"https://www.intellinews.com/us-sanctions-iran-s-hormuzsafe-marine-insurer-shadow-fleet-tankers-457809/"},{"date":"2026-07-29","event":"OFAC designates HormuzSafe Marine Services Authority and Persian Gulf Marine Insurance Company (PGMIC) as SDNs under E.O. 13902, alongside eight shadow-fleet tankers and eight associated management companies.","source":"U.S. Department of the Treasury","source_url":"https://home.treasury.gov/news/press-releases/sb0581"}]},"v":1}

   Verify offline (run on your own machine)

   python -m src.verify_decision 4b873627-cd3d-41ad-acd4-db2c7f1baf76copy