Iran Imposes Crypto Curfew After $90M Nobitex Hack by Pro-Israel Group

Iran’s largest cryptocurrency exchange Nobitex was hit by a massive cyberattack on June 18, resulting in over $90 million

Written by: Arslan Butt • Thursday, June 19, 2025 • 2 min read

• Last updated: Thursday, June 19, 2025

Quick overview

Iran's largest cryptocurrency exchange, Nobitex, suffered a cyberattack on June 18, resulting in over $90 million in losses, attributed to the pro-Israel hacker group Predatory Sparrow.
The stolen assets were permanently destroyed rather than laundered, indicating the attack was politically motivated to disrupt Iran's financial infrastructure amid international sanctions.
In response, the Central Bank of Iran imposed a nationwide curfew on crypto exchanges to mitigate systemic risks and control transactions beyond state oversight.
Nobitex has assured users that cold storage wallets are safe and will cover losses from the attack, while the incident underscores the intersection of cyberwarfare and digital finance.

Iran’s largest cryptocurrency exchange Nobitex was hit by a massive cyberattack on June 18, resulting in over $90 million in digital asset losses. The attack was carried out by the pro-Israel hacker group Predatory Sparrow (Gonjeshke Darande) and was politically motivated to disrupt Iran’s alternative financial infrastructure under heavy international sanctions.

According to Chainalysis, the stolen assets including Bitcoin, Ethereum, Ripple, Dogecoin, Solana, Tron, and Toncoin were drained from Nobitex’s hot wallets and sent to burn addresses making the funds permanently inaccessible. None of the assets were laundered via mixers or exchanges. Some Ethereum was sent to the infamous “0x…dead” address and Bitcoin was sent to a wallet with an invalid checksum.

This destruction of assets signals the attackers’ intent to damage rather than profit and further proves the hack was politically motivated. It followed a series of Israeli airstrikes inside Iran and shows a deeper cyber-military rivalry.

Iran Imposes Exchange Curfew

In response to the breach, the Central Bank of Iran has imposed a nationwide curfew on all domestic crypto exchanges from 10 AM to 8 PM. This is to control systemic risk in a financial environment where crypto is increasingly used due to Western sanctions.

Chainalysis noted this curfew means Tehran is trying to clamp down on platforms that facilitate global transactions beyond state oversight. The firm warned it may mean tighter controls or further crackdowns on crypto in the future.

Nobitex is not just any exchange, it’s the backbone of Iran’s crypto economy:

$11 billion in inflows, more than the next 10 Iranian exchanges combined
Gateway to circumvent sanctions and access global financial markets
Previously linked to sanctioned actors and controversial wallets

Nobitex Response and Political Fallout

Nobitex said cold storage wallets are safe and all hot wallets are shut down. The exchange confirmed reserve fund will cover all user losses and has migrated funds to new offline wallets to prevent further breaches.

The attackers are threatening to release internal data, adding pressure to the platform and Iranian authorities. Labels on stolen wallets included anti-IRGC slogans, making it more political

This incident highlights the growing intersection of cyberwarfare and digital finance, where crypto platforms are not just economic tools but targets in global power struggles.

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ABOUT THE AUTHOR See More

Arslan Butt

Lead Markets Analyst – Multi-Asset (FX, Commodities, Crypto)

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.