Iran’s leading crypto exchange Nobitex resumes operations after exploit

For now, access to the platform with limited functionality is available to customers with KYC

Iran’s Nobitex exchange resumes operations after $90 million hack

30.06.2025 - 11:30

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3 min

What’s new? Iran’s largest crypto exchange Nobitex has begun restoring user services following a $90 million damage exploit earlier this month by a politically motivated pro-Israeli group.

Source: X.com

What else is known? Nobitex is reopening the platform only for users who have gone through the identification (KYC) process, with deposit and withdrawal services and trading remaining disabled.

Nobitex had previously planned to resume withdrawals on June 30, while warning that the timeline could shift.

How Iran’s Nobitex exchange lost more than $80 million. Chronology of the hack

The trading platform was hacked by the pro-Israeli hacker group Predatory Sparrow

The pro-Israeli hacking group Gonjeshke Darande claimed responsibility for the hack. It destroyed the stolen funds and put some of the platform’s source code into the public domain, compounding the damage to Nobitex.

Blockchain analytics firm TRM Labs suggested that Israel could have used the data stolen from Nobitex to arrest Iranian agents inside the country, whose work was paid for with cryptocurrency.

Nobitex noted that it moved users’ wallets after the hack, and deposits to existing addresses will be invalid.

According to blockchain analytics company Chainalysis, Nobitex leads the Iranian crypto market with $11 billion in inflows. The combined figures of the next ten largest exchanges is only $7,5 billion.

Analysts have also linked Nobitex to “a range of illicit actors,” including operators of ransomware linked to the Islamic Revolutionary Guard Corps (IRGC) and Russian crypto exchanges under sanctions. The use of cryptocurrencies in Iran, as in Russia, is often linked to evading economic restrictions.

DPRK hackers stole $1,6 billion worth of cryptocurrencies in 2025

The total amount of losses in the reporting period amounted to a record $2,1 billion

According to Nobitex CEO Amir Rad, an internal investigation revealed the Israeli government’s involvement in the hack. He said Nobitex is a private company with no connection to the Iranian state or the Iranian military.

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