Nobitex Crypto Exchange Begins Gradual Restoration of Withdrawal Services After Major Hack
Nobitex, Iran’s largest cryptocurrency exchange, has started to resume withdrawal services following a significant cyberattack earlier this month. The hack, attributed to the pro-Israel hacker group Gonjeshke Darande, inflicted severe damage on the platform, including the burning of approximately $90 million worth of digital assets and the public release of the exchange’s source code.
Restoration Efforts Underway with Emphasis on Verified Users
According to a recent announcement by Nobitex on social media platform X (formerly Twitter), the exchange will initially enable withdrawals exclusively for users who have completed the identity verification process. Users engaged in spot trading will be prioritized in the restoration process. Nobitex cautioned customers against depositing funds into their old wallet addresses, explaining that due to a wallet system migration triggered by the hack, former addresses are no longer valid and could result in permanent loss of deposited assets.
The company stated that withdrawal operations will recommence from June 30, with other functionalities such as trading and depositing being reinstated progressively over time. However, no clear timeline was provided for the full resumption of all services.
Background and Impact of the Hack
On June 18, Nobitex suffered a politically charged cyberattack that reportedly resulted in losses amounting to $100 million. The hack was widely viewed as an extension of the ongoing geopolitical tensions between Iran and Israel. The attacker group, Gonjeshke Darande, justified their actions by alleging Nobitex’s connections to the Iranian government and its role in funding entities they described as malicious.
Data from blockchain analytics firm Chainalysis underscores Nobitex’s critical role in Iran’s cryptocurrency ecosystem. The report indicates that Nobitex handled inflows totaling $11 billion, surpassing the combined inflows of the next ten largest Iranian exchanges, which amounted to $7.5 billion. Onchain analysis also linked Nobitex’s operations to certain sanctioned entities and actors deemed malicious.
Regulatory Response and Sector Implications
Following the incident, Iranian regulators imposed restrictions on domestic crypto exchanges, limiting their operational hours to between 10 a.m. and 8 p.m. daily. The hack has also drawn attention to a larger trend of rising state-sponsored cyberattacks. For instance, North Korean state-backed hacker groups have notably increased cryptocurrency-related exploits, accounting for nearly 70% of such incidents in 2025 alone. Reports indicate these groups are employing advanced tools like AI platforms, including ChatGPT, to facilitate their illicit activities.
Looking Ahead
Nobitex’s phased approach to restoring services represents a cautious step toward recovery from a significant security breach. Users are urged to exercise vigilance, particularly regarding wallet addresses, to safeguard their funds during this transition. The incident highlights the increasing intersection of geopolitical conflicts and cybersecurity risks within the crypto sector, emphasizing the need for heightened security measures and regulatory oversight globally.
— End of Article —