Iran’s largest cryptocurrency exchange, Nobitex, has confirmed that it was hit by a major cyberattack, with hackers stealing over $90 million worth of digital currency. A hacker group called Predatory Sparrow claimed responsibility for the attack. They said it was a politically motivated move against the exchange.The hacking took place on June 18, and Nobitex admitted the next day that some of its systems had been accessed without permission.

The hackers managed to break into the exchange’s hot wallet-a type of wallet that holds crypto for faster transactions. After discovering the breach, Nobitex shut down access to its website and app to stop further damage. The company has started a full investigation to find out how the attack happened and what can be done to fix it. Nobitex is now working to improve its security and protect users' money.

About Nobitex

Nobitex, Iran’s biggest cryptocurrency exchange with over 10 million users, is facing its worst security breach so far. Cybersecurity firm Elliptic revealed that hackers stole more than $90 million in cryptocurrency through several transactions. But this wasn’t a typical money-motivated crypto hack. Instead of moving the stolen money to private wallets for use or resale, the hackers sent it to special wallet addresses called “vanity addresses.” These addresses were created with anti-Iranian regime messages and are nearly impossible to access again. In simple terms, the hackers didn’t steal the money to use it, they destroyed it on purpose.

Elliptic said the messages in these wallet addresses were aimed at Iran’s Islamic Revolutionary Guard Corps (IRGC). Creating such addresses takes enormous computing power, showing that the attackers had serious technical skills and resources.This act wasn’t about profit. It was a symbolic move meant to hurt Iran financially and make a political statement.

The hacker group Predatory Sparrow has claimed responsibility for the Nobitex cyberattack. On social media, the group accused Nobitex of helping the Iranian government avoid international sanctions and fund its activities. They also warned that they would release the company’s secret data, including its source code, within 24 hours if their demands were not met.

Just one day before the Nobitex hack, the same group said they had also hacked Bank Sepah, a major government-owned bank in Iran. That attack caused problems with ATMs across the country. These two cyberattacks happened back-to-back and come at a time when tensions between Iran and Israel are very high. Iranian media has blamed Israel for launching these digital attacks to harm Iran’s cyber systems.