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Fawad Khan
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Iran Imposes Curfew on Crypto Exchanges After $90M Hack Targeting Top Platform
Iran has clamped down on domestic cryptocurrency exchanges following a brazen cyberattack on Nobitex, the country’s largest trading platform. The June 18 breach, which blockchain analysts estimate caused losses exceeding $90 million, has prompted the Central Bank of Iran to restrict exchange operating hours—now limited to 10 a.m. to 8 p.m.

A Deliberate Strike on Iran’s Crypto Economy
The stolen funds—including Bitcoin, Ethereum, Dogecoin, and other major assets—were drained from Nobitex’s hot wallets and intentionally burned, rendering them irrecoverable. Blockchain analytics firm Chainalysis confirmed that none of the funds were funneled through mixers or exchanges, with a portion even sent to Ethereum’s well-known burn address (0x…dead
).
The pro-Israel hacking group Gonjeshke Darande (Predatory Sparrow) claimed responsibility, stating the attack aimed to disrupt Iran’s sanctioned financial networks. In a defiant move, the hackers transferred some funds to wallets labeled with anti-IRGC slogans before destroying the rest.
Why Nobitex Was a Prime Target
Nobitex isn’t just Iran’s biggest crypto exchange—it’s a lifeline for users locked out of traditional finance due to international sanctions. Processing over $11 billion in inflows, it dwarfs the combined volume of Iran’s next ten largest exchanges.
But its influence extends beyond legitimate trade. Chainalysis has linked Nobitex to wallets tied to:
- Iran’s Islamic Revolutionary Guard Corps (IRGC)-affiliated ransomware groups
- Pro-Hamas media outlets like Gaza Now
- Sanctioned Russian exchanges, including Garantex and Bitpapa
This makes Nobitex a high-value target, especially amid escalating tensions between Israel and Iran. The hack followed Israeli airstrikes inside Iran, underscoring the growing overlap between cyber warfare and geopolitical conflict.
What’s Next for Iran’s Crypto Market?
The new curfew suggests Tehran is tightening control over crypto exchanges to mitigate risks, particularly as digital assets play a crucial role in bypassing sanctions. Nobitex has assured users that cold storage funds remain secure and losses will be covered by its reserve fund. However, the breach highlights systemic vulnerabilities—and the potential for further disruptions as geopolitical tensions simmer.
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