USDT and Major Cryptocurrencies Exposed in $90M Nobitex Hack

In a significant blow to Iran's cryptocurrency ecosystem, Nobitex, the country's largest crypto exchange, was hit by a cyberattack on June 18, 2025, resulting in losses estimated between $81.7 million and $90 million. The breach targeted hot wallets containing prominent cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), Tether (USDT), Ripple (XRP), Solana (SOL), Tron (TRX), and Toncoin (TON). Leading blockchain analytics firms TRM Labs, Chainalysis, and Elliptic have corroborated the near-$90 million figure, highlighting the severity of the incident. This event underscores the vulnerabilities in centralized exchanges and the importance of robust security measures in the rapidly evolving crypto landscape. Despite the setback, the long-term bullish outlook for digital assets remains intact, as the industry continues to innovate and adapt to such challenges.

Nobitex Hack Exposes $90M Breach in Iran's Crypto Ecosystem

Iran's largest cryptocurrency exchange, Nobitex, suffered a devastating cyberattack on June 18, 2025, resulting in losses estimated between $81.7M and $90M. The breach compromised hot wallets containing Bitcoin (BTC), ethereum (ETH), Dogecoin (DOGE), Tether (USDT), Ripple (XRP), Solana (SOL), Tron (TRX), and Toncoin (TON).

Blockchain analytics firms TRM Labs, Chainalysis, and Elliptic concur on the near-$90M figure, while independent researcher ZachXBT documented $81.7M in stolen assets across Ethereum and Tron networks. The attack triggered an emergency shutdown of Nobitex's platforms, leaving users in financial limbo amid escalating geopolitical tensions.

This incident marks a watershed moment for Iran's crypto landscape, where digital assets had become crucial for circumventing economic sanctions. The breach reveals troubling vulnerabilities in centralized exchanges operating under geopolitical pressure, raising questions about cryptocurrency's role in conflict zones.

Stablecoin Growth Fuels Bullish Outlook for Cryptocurrency Market

The cryptocurrency market is poised for a potential bullish breakout, driven by a fundamental shift in liquidity. Stablecoins, cryptocurrencies pegged to fiat currencies like the US dollar, have seen their market cap expand by 17% year-to-date, reaching an all-time high of $228 billion. This growth, led by USDT and USDC, signals increasing investor readiness to re-engage with the broader crypto market.

Tether’s USDT has grown its market cap by 13% this year, while Circle’s USDC has surged 39%, rebounding strongly after a challenging 2023. The rise in stablecoin holdings on centralized exchanges, now totaling approximately $50 billion, further reinforces the bullish narrative. Institutional confidence and robust use cases across payments, trading, and decentralized finance are key drivers of this trend.

TRON Surpasses Dogecoin as 8th-Largest Cryptocurrency Amid IPO Plans

TRON (TRX) has eclipsed Dogecoin (DOGE) in market capitalization, securing the 8th position globally. The shift follows TRON's announcement of an Initial Public Offering (IPO), a move that could amplify its mainstream adoption. While Dogecoin's popularity stems from viral social media appeal, TRON has prioritized technological advancements and strategic partnerships.

The blockchain platform is pursuing a reverse merger with SRM Entertainment, potentially bridging traditional finance with decentralized innovation. TRON's market cap now stands at $500 million, dwarfing Dogecoin's $23.5 billion valuation. Price stability has been a hallmark of TRX, mirroring XRP's historical volatility patterns with only sporadic price surges.

USDT transaction volume on the TRON network has surged globally, signaling broad-based utility beyond emerging markets. TRON DAO emphasizes this as evidence of cryptocurrency's universal adoption, powered by stablecoin efficiency. Since May, TRX has gained 12% while DOGE declined 30%, fueling speculation about shifting investor preferences in altcoins.