Iranian Crypto Exchange Hacked amid Escalating Isreal-Iran Conflict

Nobitex, Iran’s largest crypto exchange, is facing a security breach as tensions between Israel and Iran escalate.

June 18: Iran’s largest crypto exchange, Nobitex, has detected unauthorized access to its servers in a major security breach. As per the official report, the security hack affected the exchange’s internal communication systems and a portion of its hot wallet.

Following the identification of the incident, Nobitex immediately isolated its servers, halting further intrusion of its systems. The affected hot wallets were secured by the fast migration of funds into cold wallets, minimizing external exposure. The exchange has acknowledged the incident, taking full responsibility, noting that:

“Nobitex takes full responsibility for this incident. All potential user losses will be fully covered through our insurance fund and internal reserves. Users will not experience any financial loss. As a precautionary measure, access to the Nobitex platform — both website and mobile app — has been temporarily suspended while we complete a full security audit and reinforce all systems.”

While the full threat is under serious scrutiny by the security team, the exchange has taken extra actions to minimize risks, encouraging users to rely on the official channels for further communication. The exchange has assured users that funds are safe, but are inaccessible as services are on hold, as of press time.

So, Who’s Responsible?

Authorities such as Iran’s Cyber Police (FATA) are part of the security team involved in the platform’s recovery, tracking the external threats, and responding to the incident. Estimates of $ 82 M-$90 M have been reportedly lost on multiple chains, including BTC, Tron, DOGE, and EVM-compatible blockchains.

The pro-Israel hacking group, Gonjeshke Darande, also known as ” Predatory Sparrow,” has claimed responsibility, accusing Nobitex of facilitating terror financing. The move is politically motivated, and so far, the group has claimed to “burn” the stolen assets instead of profiting from the hack. The crypto space is monitoring the story unfold for further knowledge on the incident.