- Iran‘s central bank restricted domestic crypto exchanges to operating between 10 a.m. and 8 p.m.
- A pro-Israel Hacker group exploited the Nobitex crypto exchange, taking at least $100 million in various cryptocurrencies.
- The Hackers sent stolen assets to “burner” addresses, making them unrecoverable, in what appears to be a politically motivated attack.
- Nobitex is a key platform in Iran’s digital asset market, responsible for over $11 billion in inflows.
- Nobitex claims the incident is now under control, with user losses covered by its reserve fund, but user access remains restricted.
The Central Bank of Iran has imposed limited working hours on all domestic cryptocurrency exchanges in response to a major security breach at Nobitex, the country’s largest crypto exchange. The change follows a $100 million exploit allegedly carried out by a pro-Israel hacker group.
According to Chainalysis, crypto exchanges in Iran are now restricted to operating from 10 a.m. to 8 p.m. Chainalysis National Security Intelligence Head, Andrew Fierman, told Cointelegraph the move aims to make security incidents easier to manage by avoiding late-night emergencies.
Nobitex confirmed it was hacked after attackers infiltrated its systems and drained hot wallets—wallets connected to the internet and therefore more vulnerable to hacks. The group named Gonjeshke Darande claimed responsibility and stated they sent the funds to addresses without private key access, rendering the assets permanently inaccessible. “While hacks historically have almost always been for financial gain, this event stands out given the intent appears to have been politically motivated to take funds away from the regime,” Fierman said.
The stolen assets included Bitcoin, Ether, Dogecoin, XRP, and Solana, according to the Chainalysis report. Nobitex says it has since cut off all external server access and moved remaining funds from online hot wallets to offline cold storage for added security. The exchange assured users that its Reserve Fund will cover the amounts lost in the attack, though users cannot currently access their accounts.
Nobitex has processed over $11 billion in digital asset inflows, significantly more than the next ten largest Iranian platforms combined, according to Chainalysis. It plays a central role in Iran’s crypto ecosystem, serving users who need access to global crypto markets amid heavy international sanctions.
Historically, Iranian authorities have enacted exchange restrictions during periods of economic or geopolitical instability. In December, all exchanges were temporarily closed to protect the value of the Iranian rial. Tensions between Iran and Israel remain high, with recent military actions cited as a possible reason for the increased oversight.
Nobitex has also been linked with groups sanctioned by Western governments, including Houthi rebels and Russian crypto exchanges such as Garantex and Bitpapa. The platform’s critical role underscores the broader significance of this incident within Iran’s digital asset market.
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