Nobitex, the largest cryptocurrency exchange in Iran, has begun the gradual process of restoring its services following a significant cybersecurity incident that occurred earlier this month. The exchange was the target of a politically motivated hacking attack by the pro-Israel group Gonjeshke Darande, resulting in a reported loss of approximately $100 million.
Starting from June 30, the exchange plans to resume withdrawal services, but only for users who have completed identity verification. This cautious approach is taken to prioritize verified users, ensuring that the restoration process is both secure and efficient.
- **Withdrawal Services**: Available for verified users only.
- **Spot Exchange Users**: Given priority during the service restoration.
- **Wallet System Migration**: Previous wallet addresses are invalid; users should not attempt to deposit into old wallets to prevent losing funds.
The hack, attributed to the hacker group Gonjeshke Darande, is seen not just as a cybercrime but also a political statement amidst the ongoing tensions between Iran and Israel. The hacker group claimed responsibility after announcing they had targeted Nobitex due to its connections with the Iranian government and its support of “malicious actors.” In a shocking display, they burned $90 million worth of assets and leaked the full source code of the platform.
Data analytics from Chainalysis indicates that Nobitex plays a crucial role in Iran’s cryptocurrency market. Inflows to Nobitex alone reached $11 billion, surpassing that of the next ten largest exchanges combined. This position underscores the importance of Nobitex not just for its users but also within the broader context of Iran’s economic interactions.
In response to the hack, the Iranian government has imposed strict regulations on local cryptocurrency exchanges, restricting their operational hours from 10 am to 8 pm. This measure aims to mitigate risks and ensure safer trading environments in the wake of such attacks.
Unfortunately, Nobitex’s incident is part of a disturbing trend of rising state-sponsored cyberattacks. In a related note, a report indicated that North Korean hackers have been increasingly leveraging advancements in technology, such as AI tools like ChatGPT, to enhance their cyber theft strategies, thus exemplifying the evolving nature of cyber threats in the cryptocurrency landscape.
As Nobitex moves forward, it faces the challenge of regaining user trust while navigating a complex geopolitical landscape. The situation calls for heightened security measures and customer education on safe cryptocurrency practices, especially in light of the severe consequences that can arise from cybersecurity breaches.
