Recently, a major cyberattack that targeted Iran's largest digital asset platform, Nobitex, has prompted the central bank to issue strict operating hours for domestic crypto exchanges. The action follows attempts by the government to curtail the harm and enhance control over the existing tensions in the region.
Iran’s central bank now requires all local cryptocurrency exchanges to operate only between 10 a.m. and 8 p.m. This policy shift follows a $100 million hack of Nobitex, which is considered a vital trading hub in Iran’s digital asset ecosystem. This attack was perpetrated by a hacker organization known as Gonjeshke Darande, which supported Israel. The organization hacked the exchange's internal systems and emptied large cryptocurrencies such as Bitcoin, Ether, Dogecoin, XRP, and Solana, among others.
Blockchain analysis firm Chainalysis reported the funds were sent to wallet addresses designed to be inaccessible, effectively destroying the assets and removing them from circulation. Andrew Fierman, head of national security intelligence at Chainalysis, told Cointelegraph the curfew is likely intended to help Iran monitor and respond to potential future attacks more efficiently.
This is not the first time Iran has imposed strict rules on its crypto sector. In December, the central bank temporarily closed all exchanges to prevent further depreciation of the Iranian Rial. The latest move highlights government concerns over capital flight, cross-border payments, and the potential for digital assets to bypass sanctions.
After confirming the breach, Nobitex disabled all external access to its servers and told users that the situation was under control. In a public statement, the exchange assured customers that its reserve fund will cover the losses, but user access to the platform remains unavailable. The technical team has started transferring the remaining assets from online wallets to offline cold storage to mitigate the risk of additional exploits.
According to Nobitex, this could delay the restoration of user access longer than anticipated because of internet changes and limited outside communication. The exchange plays a key role in Iranian crypto traders as they use it to gain access to international markets in digital assets, as traditional banking solutions are scarce due to international sanctions.
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According to Chainalysis, Nobitex processes over 11 billion in crypto inflows, many times more than that of the ten following largest Iranian exchanges combined. The platform's relevance to the crypto industry in Iran is further shadowed by its association with sanctioned organizations, such as the Houthi rebels in Yemen and Russian crypto exchanges like Garantex and Bitpapa.
The Nobitex hack also occurred at a time of heightened tension related to Israeli airstrikes on Iran, bringing together cyber warfare, financial security, and international geopolitics. Iran's fast pace of regulatory implementation is expected to protect its digital currency infrastructure against the increasing threats to user funds and national stability.