Iran's largest cryptocurrency exchange, Nobitex, fell victim to a cyberattack resulting in a $48 million theft. This incident raises significant questions about digital asset security.
Discovery of the Nobitex Breach
Nobitex confirmed the breach on June 18, 2025. Reports indicate that hot wallets were compromised while cold wallets remained secure. The group known as Predatory Sparrow claimed responsibility for the attack, indicating a desire to leak internal code.
Compensation Plan for Losses
The cyberattack led to financial losses exceeding $48 million, primarily in USDT. Nobitex plans to compensate users through insurance payouts and reserve funds. Despite this, market trust has been shaken and concerns regarding the security of digital assets have arisen.
Growing Security Concerns
This event is reminiscent of previous hot wallet breaches, such as the BingX case, which resulted in a $43 million loss. Such incidents highlight existing risks associated with hot storage solutions and emphasize the need for enhanced security measures within the crypto industry.
The hack of Nobitex serves as a troubling signal for users and regulators alike, highlighting the need to strengthen cyber defenses and improve security standards in the cryptocurrency space.
