Iran’s largest crypto exchange Nobitex hit by $48 million cyberattack

18th June 2025 – (Tehran) Nobitex, Iran’s largest cryptocurrency exchange, has confirmed a major cyberattack that resulted in the theft of approximately $48 million, raising alarms across the crypto industry.

The breach, targeting Nobitex’s internet-linked “hot wallet” infrastructure, was claimed by the hacktivist group Predatory Sparrow, which is allegedly linked to Israel. The group accused Nobitex of aiding sanctions evasion and financing Iranian government activities, including support for the Islamic Revolutionary Guard Corps (IRGC).

In a statement on Wednesday, Nobitex disclosed that its technical team detected the unauthorised access earlier in the day and promptly suspended all platform activity. The exchange assured users that the majority of assets, stored in offline “cold wallets,” remained secure.

“The breach impacted only a limited portion of assets held in hot wallets,” the platform stated, adding that it would fully compensate affected users through its insurance fund and internal reserves.

As a precaution, Nobitex has temporarily taken its website and app offline while conducting an internal investigation. The exchange has vowed to strengthen its security measures to prevent future incidents. Predatory Sparrow has since threatened to release Nobitex’s internal source code and user data if users fail to completely empty their accounts.

The attack comes on the heels of another cyber operation by the same group, targeting Iran’s Bank Sepah, which is affiliated with the country’s military. The group claimed to have destroyed critical data and disrupted the bank’s online services.