The Iranian government has imposed limitations on crypto exchanges' operating hours following a hack on Nobitex that resulted in the theft of approximately $100 million.
Reasons for New Operating Hours
The Central Bank of Iran has limited crypto exchanges to operate from 10 AM to 8 PM. This decision came after an attack on Nobitex initiated by a pro-Israel hacker group. Chainalysis expert Andrew Fierman noted that this measure may help prevent further incidents as 'it is easier to manage situations when incidents do not occur overnight.'
Nobitex's Situation After the Hack
The Nobitex hack, which occurred on Wednesday morning, resulted in the loss of assets worth over $100 million. The hackers responsible for the attack reported that access to their wallets was destroyed, making the funds unrecoverable. The platform has already stated it will cover all losses using a reserve fund. Currently, users cannot access the exchange, but the Nobitex team is working on restoring operations and ensuring system security.
The Role of Nobitex in Iran's Crypto Ecosystem
Nobitex is considered a key player in Iran's cryptocurrency sector, with total trading volumes exceeding $11 billion. This makes the exchange an important platform for Iranian users seeking access to global crypto markets. The exchange supports financial activities of Iranian citizens under strict international sanctions and is linked to various organizations that are sanctioned by the West.
The restrictions imposed by the Central Bank of Iran highlight the importance of controlling cryptocurrency transactions in the country amid escalating geopolitical tensions. Nobitex, as a critical component of the crypto ecosystem, faces new challenges in ensuring the security of user funds.
