Iran Imposes Crypto Exchange Curfew After $90M Nobitex Hack Linked to Political Attack
Iran has enforced a nationwide curfew on all domestic cryptocurrency exchanges in response to a major security breach on Nobitex, its largest crypto trading platform. The June 18 hack, orchestrated by the Israeli-linked group Predatory Sparrow (Gonjeshke Darande), resulted in over $90 million worth of assets—including BTC, ETH, DOGE, XRP, SOL, TRX, and TON—being drained from Nobitex’s hot wallets and rendered irretrievable via blockchain burn addresses. This politically motivated cyberattack targeted Iran’s crypto infrastructure, impacting a platform vital for circumventing international sanctions. In immediate response, Iran’s central bank restricted all exchange operation hours to between 10 am and 8 pm. According to Chainalysis, Nobitex processed over $11 billion in inflows and is connected to wallets tied to sanctioned and illicit actors. Nobitex confirmed cold wallet reserves remain secure and hot wallets emptied, with sufficient reserves to fully cover customer losses, while also boosting platform security. This incident underscores mounting geopolitical risks, increased regulatory scrutiny, and potential disruptions to liquidity and cross-border trading for Iranian crypto traders.
Bearish
The large-scale, politically motivated hack of Nobitex and the immediate imposition of a trading curfew by Iran’s central bank create significant operational risks for Iranian crypto traders. Losses exceeding $90 million and the destruction of assets undermine user trust in centralized Iranian platforms and may lead to decreased liquidity across domestic exchanges. The curfew restricts trading hours, potentially increasing volatility and reducing cross-border transaction flexibility, especially in a context where crypto is vital for avoiding sanctions. While Nobitex claims loss coverage and cold wallet safety, the attack surfaces vulnerabilities that could prompt further regulatory crackdowns, stricter oversight, and market uncertainty—factors that are generally bearish for the affected cryptocurrencies and the Iranian crypto market in both the short and medium term.