Nobitex Begins Gradual Service Restoration After $100M Hack

Iran’s largest cryptocurrency exchange, Nobitex, has started the process of restoring its services after suffering a $100 million hack earlier this month by the pro-Israel hacker group Gonjeshke Darande. In a post on X, the exchange confirmed that wallet withdrawals will resume from June 30, with operational activities such as trading and deposits set to return gradually, although a clear timeline has not been provided. The exchange emphasized that only users who have completed identity verification will be able to access wallets, with spot exchange users given priority during the phased restoration. Nobitex also warned users against depositing funds into old wallet addresses, stating, “Due to the wallet system migration, previous addresses are no longer valid, and any deposits made to them may result in loss of funds.” Political Tensions Behind the Nobitex Attack The hack on Nobitex, which occurred on June 18 , was widely interpreted as a politically motivated attack amid ongoing geopolitical tensions between Iran and Israel. Pro-Israel hacker group Gonjeshke Darande claimed responsibility for the attack, stating it targeted Nobitex due to its alleged ties to the Iranian government and its role in funding malicious actors. The group reportedly burned $90 million worth of assets and released the full source code of the exchange following the breach. Data from blockchain analytics firm Chainalysis highlighted Nobitex’s critical role within Iran’s crypto infrastructure, reporting $11 billion in inflows to the platform—significantly higher than the combined $7.5 billion in inflows across the next ten largest Iranian exchanges. Chainalysis also noted that on-chain analysis suggests Nobitex has connections to sanctioned entities, further intensifying concerns around the platform’s operations. In response to the incident, Iranian authorities have imposed new restrictions, limiting the operational hours of domestic crypto exchanges to between 10 am and 8 pm. Surge in State-Sponsored Crypto Hacks The Nobitex hack adds to a rising wave of state-sponsored cryptocurrency attacks in 2025, with North Korean hackers leading the trend. A report last week indicated that North Korean state-sponsored hackers, responsible for the $1.5 billion Bybit hack in February , have accounted for nearly 70% of all crypto-related exploit losses so far this year. South Korean officials have also disclosed that North Korean hacking groups are leveraging AI tools, including ChatGPT, to enhance their cryptocurrency theft operations, underscoring the growing sophistication of state-sponsored cyberattacks in the crypto sector. The post Nobitex Begins Gradual Service Restoration After $100M Hack appeared first on TheCoinrise.com .

Source: The Coin Rise