Nobitex Restores Services After $90 Million Cyberattack

Nobitex, Iran's largest cryptocurrency exchange, has initiated the process of restoring services following a significant cyberattack that resulted in the loss of $90 million. The exchange, which was targeted by pro-Israel hackers, has started to gradually reinstate wallet access for verified users, beginning with spot wallets. This phased approach aims to ensure a smooth recovery process, with full services expected to resume by mid-week.

The exchange announced on X that withdrawal services would be enabled from June 30, 2025. This decision comes after a period of assessment and preparation to mitigate further risks and secure the platform. The gradual restoration of services is a strategic move to manage the potential impact on users and the overall stability of the exchange.

The attack on Nobitex occurred during a period of heightened tensions in the Middle East, adding to the complexity of the situation. The exchange's response, however, has been methodical and focused on prioritizing the security and trust of its users. By initially restoring access to verified users, Nobitex aims to minimize the disruption caused by the attack and ensure that those most affected can regain control of their assets as quickly as possible.

The incident highlights the ongoing challenges faced by cryptocurrency exchanges in maintaining robust security measures against sophisticated cyber threats. As the digital asset landscape continues to evolve, exchanges like Nobitex must remain vigilant and adaptable to protect their users and maintain the integrity of their platforms. The gradual restoration of services is a testament to Nobitex's commitment to recovering from this setback and continuing to provide reliable services to its user base.

Nobitex has warned users to avoid depositing their crypto into the exchange’s old wallets, as it could lead to users losing their funds. The exchange stated that only users who have completed identity verification will have access to the wallet, with spot exchange users being given priority. The hacking group Gonjeshke Darande, which took responsibility for the attack, proceeded to burn $90 million worth of assets and released the full source code of the exchange. The group targeted Nobitex as it has ties to the Iranian government and funds malicious actors.

In the aftermath of the Nobitex hack, Iranian authorities have placed restrictions on domestic cryptocurrency exchanges, which are only allowed to conduct operational activities between 10 am and 8 pm. This move is part of a broader effort to enhance security measures and prevent similar incidents in the future. The restrictions aim to limit the window of opportunity for potential attacks and ensure that exchanges operate within a more controlled environment.

The attack on Nobitex is seen as a politically motivated hack amid the ongoing geopolitical tensions between Iran and Israel. The exchange is vital to Iran’s crypto infrastructure, with significant inflows of funds. The incident underscores the broader challenges faced by cryptocurrency exchanges in maintaining security and trust in an increasingly complex and volatile geopolitical landscape. As exchanges continue to navigate these challenges, the focus on robust security measures and user protection will remain paramount.