Iran’s biggest cryptocurrency exchange, Nobitex, confirmed it was hit by a devastating cyberattack this week, resulting in the theft and destruction of at least $90 million in digital assets.
The company, which serves more than 10 million users, said it experienced unauthorized access to its systems and hot wallet, a type of online wallet used for storing a portion of its users’ funds for quicker transactions.
Nobitex Hack: What Happened?
In a statement (translated by TechCrunch), Nobitex admitted its infrastructure was breached and that it is still investigating the extent of the damage. The exchange’s website and app have been taken offline and will remain unavailable while the company works to assess and contain the situation.
Public blockchain records reveal that the hackers drained at least $90 million in cryptocurrency from the platform in a series of coordinated transactions. To make matters worse, the attackers “burned” the stolen crypto — by sending it to inaccessible wallets, permanently removing it from circulation.
Who Is Behind the Attack?
The pro-Israel hacking group “Predatory Sparrow”, also known as Gonjeshke Darande in Farsi, has claimed responsibility. In a statement posted to X (formerly Twitter), the group accused Nobitex of supporting terrorism and helping Iran evade sanctions.
Just a day earlier, Predatory Sparrow also took credit for a cyberattack on Iran’s Bank Sepah, which caused ATM services to crash across the country. These incidents come as military tensions between Israel and Iran escalate, spilling over into the digital world.
Cyberwar Intensifies Amid Middle East Conflict
The Iranian state broadcaster IRIB reported that Israel has launched a “massive cyber war” aimed at crippling Iran’s digital infrastructure during ongoing hostilities. Predatory Sparrow, which first emerged in 2021, has a history of targeting Iranian military and state-owned entities, and is widely seen as aligned with Israeli cyber interests.
What This Means for Crypto Security
This attack highlights the growing threat of politically motivated cyberattacks on crypto exchanges, particularly in regions with heightened geopolitical tensions. Nobitex users are now left in uncertainty, with their funds either stolen or destroyed, and the platform offline indefinitely.
The Nobitex hack serves as a harsh reminder that crypto platforms remain vulnerable, and that security, transparency, and geopolitical awareness are more critical than ever in the digital asset space.
