The hacktivist group Gonjeshke Darande has disclosed the source code of Iran's largest crypto exchange Nobitex, risking $90 million in assets. This incident has led to significant repercussions for users and trust in the platform.
Discovery of Nobitex Vulnerability
The hacktivist group Gonjeshke Darande reported a breach, revealing the source code of the Nobitex exchange and user data. The group stated that Nobitex is a financial tool for Iran's regime, releasing the full code and asset data. Nobitex confirmed that its hot wallets were compromised, while cold storage assets remain secure.
Nobitex's Reimbursement Promise
In response to the incident, Nobitex pledged to compensate affected users using insurance funds and platform reserves. This decision stemmed from the group's actions in redirecting assets to addresses linked to Iran's military, highlighting their ideological stance.
Market Impact and Insights
The Iranian crypto community is concerned about dwindling trust in domestic exchanges. Nobitex's temporary suspension of services during investigations has heightened user anxiety, leading many to withdraw funds due to safety concerns. According to CoinMarketCap, Ethereum (ETH) is trading at $2,511.16, with a market cap of $303.15 billion.
The Nobitex incident underscores the vulnerability of crypto exchanges to cyberattacks and the critical need for security measures to maintain user trust. In response to threats, the exchange is working to restore client confidence through compensations and transparent crisis management.
