
On June 18, 2025, Nobitex—Iran’s largest cryptocurrency exchange—suffered a devastating hack, losing over $90 million across major blockchains. The incident appears to be a geo-politically motivated operation rather than a typical financial heist.

What Happened
- Hot Wallet Breach Security analysts, including ZachXBT, first raised alarms with suspicious outflows from Nobitex’s hot-wallet infrastructure on networks like Tron and EVM chains. Read source – Elliptic
- Vanity Address Transfers Stolen funds were sent to vanity addresses embedding anti‑IRGC messages. Details via Elliptic
- Claim of Responsibility A pro-Israel hacktivist group called Gonjeshke Darande (aka Predatory Sparrow) claimed responsibility, citing Nobitex’s ties to IRGC-linked finance operations. More from Wired
- Threats & Data Leaks The group threatened to release Nobitex’s source code and internal logs unless the platform surrendered remaining assets. Full coverage on AP News
Who Was Targeted—and Why
- Nobitex serves over 7–11 million users since launching in 2017 and has been allegedly used for sanctions evasion. Elliptic Analysis
- The platform is believed to be closely tied to IRGC-linked individuals and operations. Source: Politico
- The cyberattack coincides with a wider escalation between Israeli and Iranian cyber actors. Cyberwarfare Report – Wired
Impact & Exchange Response
- Nobitex services went offline post-breach for damage assessment and containment. Nobitex response – Elliptic
- Only hot wallets were compromised—cold storage funds reportedly remained untouched. AP News
- Nobitex pledged to compensate users via internal reserves and insurance protections. Elliptic Statement
Broader Significance
- Political Cyberwarfare This incident reflects cyber operations increasingly becoming political tools in regional conflict. Wired Analysis
- Crypto Exchanges in Crosshairs Platforms operating in politically volatile environments may become prime cyber targets. Policy Insight – Politico
- Global Risk Landscape Authorities worldwide are watching closely as crypto infrastructure becomes entangled in geopolitics. U.S. Response – Politico
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