Nobitex Restores Services After $90 Million Security Incident

Nobitex, Iran’s largest cryptocurrency exchange, is in the process of restoring its services following a significant security incident that resulted in an estimated $90 million in collateral damage. The exchange has initiated a phased rollout of limited user access to accounts, starting on June 29, 2025. This process is being carried out gradually, beginning with verified users and initially focusing on spot wallets before moving on to other types of wallets.

The exchange has emphasized the importance of identity verification for all users seeking to access their wallets. Until this verification is completed, users may not be able to view their wallet balances or utilize the exchange’s trading, deposit, or withdrawal services. The Nobitex team has stated that balance visibility will be introduced in phases, depending on the progress of their security checks and user identity verification. The timeline for the completion of these services, initially set for mid-week, may be adjusted as necessary.

The security crisis, which occurred earlier this month, has raised significant concerns among users. Although Nobitex has not publicly disclosed the full extent of the breach, industry sources have estimated that the company faced potential damages of $90 million, including frozen user funds, loss of trading capacity, and technical setbacks during the platform’s migration and verification overhaul. As part of its recovery efforts, Nobitex has implemented a comprehensive wallet system update and has advised users not to send funds to their old deposit addresses, warning that any transactions to previously used wallet addresses may result in irreversible losses.

This precautionary measure is aimed at preventing further disruption and rebuilding trust among its user base. Nobitex’s customer support remains active through live chat and phone lines, although the company has acknowledged that the ongoing crisis and complex re-verification steps could result in slow responses and potential delays in support resolutions. The exchange has been transparent about its restoration efforts, issuing multiple updates on social media and in-app notices. Its June 29 post thanked users for their patience and pledged to uphold safety and data integrity as the platform returns online.

The incident, widely viewed as one of the most significant crypto disruptions in Iran’s recent history, has put Nobitex under intense scrutiny. The exchange is navigating the aftermath of the attack, which was carried out by pro-Israeli hackers at the height of escalating Middle East tensions. As Nobitex works to restore its services, the focus remains on securing user assets and ensuring the integrity of the platform. The exchange’s efforts to rebuild trust and restore normal operations will be closely watched by the cryptocurrency community.