Iran’s Nobitex Scrambles to Recover $90M After Crippling Exploit—Can They Bounce Back?

Nobitex—Iran's largest crypto exchange—got sucker-punched by a $90M security breach. Now, the race is on to plug the holes and salvage user funds.

Here's the kicker: This wasn't some sophisticated zero-day attack. Early reports suggest basic security oversights left the door wide open. So much for 'fortress' crypto exchanges.

Damage control mode: Nobitex claims recovery efforts are underway, but traders aren't holding their breath. After all, $90M doesn't just vanish into thin air—unless you're a DeFi protocol, apparently.

Silver lining? The exploit could force Middle Eastern exchanges to finally take cold storage seriously. Or they'll just keep recycling the same 'lessons learned' press releases until the next hack.

Users Risk Losing Funds if Deposits Are Sent to Outdated Wallets, Nobitex Says

The company also advised users not to deposit funds to previously issued wallet addresses, which are now invalid due to a full system migration.

Any transfers to the old addresses could result in permanent fund loss. Users relying on automated systems such as mining rigs or saved withdrawal configurations were told to update their details or wait for new personal addresses to be issued.

The platform’s gradual reboot follows a highly disruptive breach earlier this month. The cyberattack prompted Iran’s central bank to intervene.

Authorities React to Hack With Curbs on Operating Hours for Domestic Exchanges

Authorities have since ordered all domestic crypto exchanges to limit operations between 10am and 8pm. This measure aims to strengthen security and reduce the risk of after-hours attacks.

Meanwhile, the pro-Israel hacking group Predatory Sparrow, also known as Gonjeshke Darande, claimed responsibility for the breach. The incident marks yet another escalation in cyberwarfare involving state-linked actors in the region.

Nobitex handles the bulk of Iran’s crypto trades. It plays a key role in the country’s expanding digital asset ecosystem.

However, the recent breach has shaken user confidence. It has also raised concerns about the strength of Iran’s broader financial infrastructure, especially as cyber threats grow more sophisticated.