Iran’s Nobitex Crypto Exchange Hacked for $48 Million

Iran’s Nobitex Crypto Exchange Hacked for $48 Million

Nobitex, Iran’s largest cryptocurrency exchange, faced a cyberattack on its hot wallets, resulting in a loss of $48 million, claimed by the hacker group Predatory Sparrow, who cited political motives behind this action.

The Hack

The hack involved Nobitex’s hot wallets, causing the loss of significant digital assets from TRON, Ethereum, and Bitcoin blockchains. Experts report that the hackers burned the stolen funds, rendering them unusable. The perpetrators, calling themselves Predatory Sparrow, publicly claimed the attack on X (Twitter).
https://twitter.com/GonjeshkeDarand/status/1935231018937536681

Predatory Sparrow, Hacker Group

“These cyberattacks are the result of Iran’s use of the financial system to fund terrorism and regional destabilization. We have destroyed the assets to prevent those funds from being used further.”
source

Predatory Sparrow’s actions target Iranian institutions, including the recent attack on a bank linked to military financing. The group’s statement indicated the hack aimed to thwart potential funding of regional terrorism.

The financial markets in Iran face increased pressure after this event. Crypto outflows from the region have impacted exchanges, with temporary suspensions in fiat-crypto trading markets mandated by the Central Bank of Iran.

Analysts predict heightened vigilance in security protocols among crypto platforms. The hack accentuates politically-driven cyberattacks, holding implications for international relations and cybersecurity strategy development.