Amid escalating tensions between Iran and the United States, Mike Alfred's statement about Iran selling Bitcoin, stolen during a cyberattack, raises numerous questions. This article analyzes the facts and expert opinions surrounding this issue.
The Nobitex Hack: Key Events
On June 18, 2025, a major cyberattack occurred on Nobitex, Iran's largest cryptocurrency exchange, resulting in the theft of over $90 million worth of cryptocurrencies. Hackers from the group Predatory Sparrow, believed to be linked to Israel, described the politically motivated nature of the attack, mocking Iranian authorities through anti-IRGC messages embedded in wallet addresses. Most importantly, the stolen crypto assets were moved to so-called burner wallets, rendering these funds inaccessible and effectively destroyed.
Truthfulness of Mike Alfred's Statements
Mike Alfred's claim that Iran is selling stolen Bitcoin to finance its military needs has some basis, as the country has reportedly used cryptocurrency to evade sanctions. However, the details of his assertion, particularly the claim that Iran is selling substantial amounts of Bitcoin within a 48-72 hour window, are not supported by facts, as the stolen assets were burned, not sold. Moreover, while Iran possesses considerable cryptocurrency assets from mining and potentially other sources, the exact quantity held by the government remains unknown.
Potential Implications for the Crypto Market
Should Iran decide to sell its crypto assets, the short-term market impact would likely be minimal, characterized by heightened volatility rather than a crash. Iran's estimated annual crypto revenue is around $1 billion, which is relatively insignificant in the context of global trading volumes. Despite providing Iran with much-needed hard currency for imports or military funding, the overall effect on global crypto markets would be limited. The actual threat lies in the geopolitical ramifications, which may heighten scrutiny and sanctions on transactions involved in such activities.
Thus, Mike Alfred's claim regarding Iran selling stolen Bitcoin is not substantiated by facts and requires further examination. Increasing attention to Iranian crypto assets may impact the global situation, but significant effects on the crypto market seem unlikely.
