A recent incident at Iran's largest cryptocurrency exchange, Nobitex, has captured major attention. Over $90 million worth of various digital assets were stolen, only to be burned.
Scale of the Theft and Unique Methods
The hack on Nobitex resulted in the loss of over $90 million across several digital assets. Chainalysis reported that the stolen funds were not laundered or converted to cash but were sent to vanity addresses designed to burn assets. These addresses have no known private keys, thus making it impossible to recover the funds.
Issues in Recovering Stolen XRP
In addition, 373,852 XRP tokens were sent to an address with no known private key, leading to a total loss of these funds. This has been confirmed by XRPScan, which emphasizes the fact that these assets are now effectively burned and unrecoverable. An analyst noted, "XRP funds from the recent Nobitex hack were sent to a vanity address with (presumably) no known private key."
Political Context and Threats to Asset Holders
The incident, which occurred on June 18, 2025, stands out among other thefts due to the fact that the funds were directed to addresses carrying political messages. One such message read: "1FuckiRGCTerroristsNoBiTEXXXaAovLX", indicating the hackers' stance towards the Iranian Revolutionary Guard Corps. This theft occurred amid heightened tensions between Iran and Israel, further complicating the situation. The hacking group Predatory Sparrow is reportedly behind this attack and has threatened to release the exchange’s source code, posing added risks to asset holders.
The theft at Nobitex highlights not only the substantial risks associated with cryptocurrency exchanges but also the potential use of such incidents for political purposes. The burned assets deprive holders of the chance of recovery and emphasize the importance of securing digital assets amidst rising threats.
