Nobitex $90M Hack Exposes Code Amid Iran-Israel Clash
Nobitex, Iran’s largest crypto exchange, suffered a $90 million crypto exchange hack after attackers released the full source code, security settings and server details online. They drained roughly 1,200 BTC, 50,000 ETH and 30 million USDT and burned tokens from hot wallets. In response, Iran’s central bank restricted domestic exchange hours to 10 a.m.–8 p.m. to reduce overnight vulnerabilities. Nobitex halted withdrawals, reported no further losses, and aims to restore services within five days despite internet disruptions. This breach underscores heightened geopolitical risk in crypto markets and prompts traders to reassess security protocols and monitor Iran-Israel tensions.
Bearish
The massive $90 million hack reduces trust in Nobitex and the broader crypto space, prompting potential sell-offs of affected assets (BTC, ETH, USDT). Short term, traders may liquidate positions amid uncertainty; long term, tightened regulations and security measures could slow adoption and dampen market growth, leading to bearish pressure on major cryptocurrencies.