Iranian cryptocurrency exchange Nobitex begins to gradually restore operations after a cyberattack that resulted in losses of over $90 million. The incident highlights the vulnerability of crypto platforms amid modern geopolitical conflicts.
Restoration of Wallet Access
The cyberattack, which occurred on June 12, was allegedly carried out by a pro-Israel hacking group, resulting in significant financial losses. In the aftermath, Nobitex suspended operations to contain the damage and is now slowly reopening access for its users.
The exchange has initiated a phased return of wallet access, prioritizing users who have completed identity verification.
Nobitex plans to reopen access to spot wallets—the main accounts where cryptocurrencies are held and traded—while access to other types of wallets will gradually be restored over time.
According to previous updates, withdrawals are set to reopen on June 30, with trading and deposit services expected to return afterward, contingent on technical and security requirements.
Links to High-Risk Entities
The attack raises questions about Nobitex's past engagements, as the exchange has come under renewed scrutiny over its connections with high-risk actors. Investigations revealed that Nobitex facilitated transactions with various groups associated with sanctions and terrorism.
CEO Amir Rad asserted that the attack was backed by the Israeli government, emphasizing that the exchange operates as a private entity with no ties to the Iranian government or military.
Consequences of the Cyberattack for the Exchange
The cyberattack on Nobitex serves as a serious warning regarding the increasing vulnerability of cryptocurrency platforms to cybercrime. In the first half of 2025 alone, more than $2.1 billion was stolen from the crypto industry. Despite the advantages of blockchain technology, the sector faces mounting pressure to address vulnerabilities and protect users' trust.
The incident with Nobitex underscores the importance of security in the crypto industry and the need for ongoing efforts to bolster protective measures. The exchange's recovery will be critically important for its future viability and the maintenance of user trust.
