On June 18, 2025, Iran’s largest cryptocurrency exchange, Nobitex, suffered a devastating cyberattack by the hacker group Predatory Sparrow, believed linked to Israel. Around $90 million in crypto was transferred to attacker-controlled wallets—and intentionally “burned,” making the funds inaccessible as a form of political messaging. The attackers claimed the breach was in response to Nobitex’s alleged cooperation with Iranian government entities to circumvent sanctions and finance hostile operations.
The exchange immediately went offline following the breach, with its platform inaccessible and no formal response issued. On-chain forensic investigations revealed prior transactions between Nobitex and groups such as Hamas and the Houthis, reinforcing suspicions that the attack served as a geopolitical statement.
🔍 Why it matters:
Geopolitics + cybercrime synergy: This hack exemplifies how digital assets are increasingly weaponized in state-level conflicts and cyber skirmishes.
Heavily symbolic action: “Burning” funds sends a deliberate strategic message rather than seeking financial gain—signaling a new form of psychological warfare.
Global crypto markets watch: As exchanges grow into critical infrastructure, such politicized cyberattacks raise concerns around security standards and regulatory controls.
Keep an eye on Nobitex’s recovery plan and whether it receives international support. Also, monitor broader adoption of stricter security measures across exchanges operating in conflict-affected regions.
