Nobitex Crypto Exchange Hacked for $82M Amid Iran-Israel Tensions, Pro-Israel Group Claims Responsibility
Iran’s largest crypto exchange, Nobitex, suffered a major hack resulting in the loss of over $81.7 million in digital assets on June 16, 2025. The attack was attributed to the pro-Israel hacker group Predatory Sparrow (Gonjeshke Darande), as part of ongoing Iran-Israel cyber conflicts. Hackers exploited hot wallet vulnerabilities across the Tron network and multiple EVM-compatible chains, transferring assets to inaccessible addresses—effectively destroying the funds rather than seeking profit. Blockchain analysis platforms Elliptic and TRM Labs tracked the stolen assets, which have not yet been moved post-attack, indicating that the perpetrators might be signaling a warning amid political tensions. Nobitex, serving over 7 million users, reassured clients that the majority of funds remain secure in cold storage and losses are covered by an insurance fund and reserves. The breach draws attention to internal control risks and raises concerns about the security of crypto exchanges operating in sanctioned or high-risk jurisdictions. The event underscores increasing geopolitical risk in the crypto sector and may prompt tighter regulation as well as heightened monitoring of exchanges, especially during periods of geopolitical instability. Traders should be alert to ongoing volatility and potential increased scrutiny of platforms in high-risk regions.
Neutral
The hack of Nobitex, while representing a significant loss and highlighting internal and geopolitical risks, does not directly impact the price or functionality of major cryptocurrencies such as Bitcoin, Ethereum, or Dogecoin. The deliberate destruction of stolen assets demonstrates a political motive rather than a profit-oriented one, limiting its influence on crypto market fundamentals. Furthermore, Nobitex has stated that user funds are largely protected and covered, reducing the risk of widespread panic selling. Although the incident heightens scrutiny and may drive regulatory pressure—especially on exchanges in sanctioned areas—it does not constitute a direct indication of market direction for the mentioned cryptocurrencies. However, it does reinforce trader caution around exchange security and may contribute to short-term volatility in platforms perceived as high-risk.