Iran's largest cryptocurrency exchange, Nobitex, was hacked resulting in a loss of $100 million. In response, the central bank has imposed new operational restrictions on exchanges.
Nobitex Hack
The hacking group Gonjeshke Darande infiltrated Nobitex, draining its hot wallets of major cryptocurrencies, including Bitcoin, Ethereum, Dogecoin, XRP, and Solana. This attack is noteworthy for its scale and political motives, contrasting with typical profit-driven hacks.
Curfew for Exchanges
Iran's central bank has restricted cryptocurrency exchanges to operate only from 10 a.m. to 8 p.m. to minimize the impact of future incidents. According to analysts, these measures may also enhance government control over citizens' transactions.
Implications for Iran's Crypto Industry
The situation surrounding Nobitex may adversely affect Iran's crypto industry, given its role in providing access to global crypto markets. Although measures have been announced for loss reimbursements, user access to the platform remains suspended, complicating the exchange's future operations.
The Nobitex incident highlights the vulnerability of cryptocurrency exchanges to cyber attacks. The introduction of strict operating hours may help reduce risks, but the implications for this key player in the Iranian crypto market remain uncertain.
