Iranian Cryptocurrency Exchange Nobitex Hit by Major Hack, $90 Million Drained

Dubai, United Arab Emirates – Iran’s largest cryptocurrency exchange, Nobitex, has been targeted in a significant cyberattack resulting in the theft of over $90 million in cryptocurrency. The hack, allegedly carried out by a group with possible links to Israel, has raised concerns about the security of digital assets in the region and the potential for politically motivated cyberattacks.

Details of the Hack

Blockchain analytics firms identified the unauthorized transfer of funds from Nobitex, with the stolen cryptocurrency moved to addresses containing messages critical of Iran’s Revolutionary Guard . The hacking group, known as Gonjeshke Darande (“Predatory Sparrow” in Farsi), claimed responsibility for the attack and leaked what they said was Nobitex’s full source code on Thursday .

According to Elliptic, a blockchain analytics firm, the hackers effectively “burned” the stolen funds by sending them to inaccessible wallets, suggesting the attack was not primarily financially motivated but rather intended to send a political message to Nobitex .

Allegations Against Nobitex

Gonjeshke Darande accused Nobitex of facilitating financial activities for the Iranian government, including evading Western sanctions related to its nuclear program and funding militant groups . Nobitex acknowledged the attack, stating its app and website were taken offline to assess the “unauthorized access” to its systems .

Nobitex: A Key Player in Iran’s Crypto Ecosystem

Nobitex, established as Iran’s largest and oldest cryptocurrency exchange , processes approximately $7.2 billion in transactions annually and serves over 11 million users . The exchange plays a crucial role in Iran’s virtual asset ecosystem, enabling the conversion of Iranian rials into cryptocurrencies and facilitating withdrawals to external wallets.

Elliptic has previously suggested a potential link between Nobitex and financial activities associated with the Iranian Revolutionary Guard Corps (IRGC) and reported that the Central Bank of Iran may have used the exchange to defend the weakening rial.

Broader Context: Crypto and Sanctions in Iran

The use of cryptocurrencies in Iran has grown as a means of circumventing international sanctions and mitigating the decline in the value of the Iranian rial. Large-scale outflows of virtual assets have been observed following anti-government protests and the implementation of US sanctions .

Impact on Bitcoin

Immediately following the cyberattack, Bitcoin (BTC) experienced a temporary dip below $64,000 before recovering to the mid-$65,000 range.