The largest crypto exchange in Iran – Nobitex – is gradually recovering its services after a $90 million hack that occurred in early June, reportedly carried out by an Israel-aligned group.
According to the announcement on X, the exchange is currently only reopening services for verified users, though withdrawal, deposit, and trading services remain disabled. Nobitex stated they will attempt to restore withdrawals on Monday, June 30, but the schedule may change.
The Israel-aligned hacker group called Gonjeshke Darande claimed responsibility for the attack, saying they destroyed all stolen funds and publicly exposed part of Nobitex's source code, causing further damage. TRM Labs speculates that Israel may have used data from the crypto exchange to capture Iranian agents in Israel who were previously paid in crypto.
Nobitex also announced that they have transferred user wallets after the security incident and warned that any deposits to old wallets will be invalid.
According to Chainalysis, Nobitex far exceeds other exchanges in Iran with total inflows reaching $11 billion, while the other 10 exchanges combined are under $7.5 billion. The research company also linked Nobitex to various illegal activities, including ransomware groups associated with IRGC (Iranian Revolutionary Guard) and sanctioned Russian exchanges. In Iran and Russia, crypto is often used to circumvent international financial sanctions.
Nobitex's CEO, Mr. Amir Rad, stated that the investigation suggests the attack was backed by the Israeli government, while also affirming that Nobitex is a private company unrelated to the Iranian government or military.
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The article Nobitex crypto exchange recovers services after $90 million hack first appeared on CoinMoi.
