The recent hack on the Nobitex crypto exchange, Iran's largest, resulted in significant fund leaks, raising questions about the internal security and operational practices of the platform.
Attack on Nobitex and Funds Leakage
The recent breach on Nobitex resulted in over $90 million in assets being stolen, delivering a significant blow to Iran's crypto industry. An investigation by Global Ledger revealed that Nobitex moved 1,801 BTC (worth about $187 million) from exposed wallets to new addresses, which the exchange described as a protective measure. However, such fund movements were observed long before the attack.
Suspicious Activities and Methods
On-chain analysis reveals practices typically linked to money laundering, such as using peelchains and one-time wallets. This method allows funds to be gradually split and passed through intermediary links, obscuring their trail. Such practices create an impression of a lack of transparency in Nobitex's operations.
Responses and Consequences
After the hack, a 'rescue wallet' was discovered to have been active for months prior, consistently receiving chipped-off funds. Meanwhile, Global Ledger's investigation raises serious questions about the exchange's operational transparency and potential links to illegal activities such as money laundering. The hacker group Gonjeshke Darande, claiming responsibility for the attack, previously characterized Nobitex as a 'tool for violating sanctions,' influencing the decision to target the exchange.
As a result of the hack on Nobitex, serious questions about the transparency and security of the platform have emerged. Investigations indicate that the exchange's actions may be linked to money laundering practices.
