Iranian Cryptocurrency Exchange Nobitex Restores Services After $90 Million Attack

Quick Summary

• Nobitex, Iran’s largest cryptocurrency exchange, has begun restoring services following a $90 million cyberattack allegedly carried out by a pro-Israel group in early June
• Nobitex announced that users will be able to withdraw funds starting Monday, June 30

Nobitex Begins Recovery Operations

Iran’s cryptocurrency exchange Nobitex, considered the country’s largest exchange, has officially begun restoring services for users. This move comes after a severe $90 million cyberattack in early June, allegedly carried out by a pro-Israel group.

According to an official announcement on platform X, Nobitex will reopen trading only for verified users. However, critical services such as withdrawals, deposits, and trading remain temporarily disabled.

The company has committed to restoring withdrawal functionality on Monday, June 30, although it notes that this timeline may change depending on system recovery progress.

Attack Details and Consequences

The hacker group Gonjeshke Darande, which claims to be pro-Israel, has publicly admitted to being responsible for this attack. Notably, this group not only stole $90 million but also destroyed the entire amount stolen.

Additionally, the hackers shared what they claim to be part of Nobitex platform’s source code, increasing the damage to this exchange. According to TRM Labs analysis, Israel may have used stolen information from Nobitex to assist in arresting Iranian agents in Israel who were paid in cryptocurrency.

New Security Measures

In the update announcement, Nobitex informed that they have moved user wallets, possibly as a direct response measure to the security breach. The company warned that sending funds to old wallets will no longer be valid, requiring users to update their new wallet information.

Nobitex’s Market Position

Nobitex dominates Iran’s cryptocurrency market, with total inflows reaching $11 billion. This figure far exceeds the combined inflows of the next ten largest exchanges, which only reach under $7.5 billion according to Chainalysis reports.

However, this research company has also linked Nobitex to “a series of illicit actors,” including ransomware operators linked to the IRGC and sanctioned Russian cryptocurrency exchanges. The use of cryptocurrency in Iran, similar to Russia, is often believed to be aimed at evading international monetary sanctions.

Leadership Response

Nobitex CEO Amir Rad said the company’s internal investigation into the security breach showed this attack had support from the Israeli government. He also affirmed that Nobitex is a completely independent private company with no ties to the Iranian state or Iranian military.