Crypto Trading Hours Limited After Nobitex $100M Hack: Report

• Nobitex source code leaked following $100M hack across major crypto networks.
• Iran imposed a nationwide crypto trading curfew to reduce off-hour attack risks.
• The attack highlights critical security gaps and sparks calls for enhanced oversight.

The Nobitex exchange had over $100 million stolen from its wallets across the Bitcoin, EVM, and Ripple networks. Shortly after, the entire source code of the exchange was leaked online. The security concern over Nobitex’s security has been imminent following the leak. In response, the Central Bank of Iran imposed a nationwide crypto trading curfew, and any exchange activities must be carried out within the period of 10:00 AM to 8:00 PM.

The pro-Israeli hacker organization Gonjeshke Darande (Predatory Sparrow) took credit for both the hack and the leak. The team leaked the source code on X with a message to users that their holdings had been compromised. 

Political Motive Behind Nobitex Hack

The hackers accused Nobitex of having aided Iran in breaking international sanctions. The platform was dubbed the preferred tool for sanctions violations by the regime. The group has claimed to be retaliating against threats issued following the first attack. They have created a political aspect to the crisis with their actions.

Data recorded on blockchains indicates that the attackers transferred the tokens to burner addresses. Transferring the funds into a burner account implies losing the tokens forever. Affected users can no longer recover.

The attackers used multiple vanity burn addresses with names referencing the Iranian Revolutionary Guard Corps, effectively locking the stolen funds and drawing international attention.

On Thursday, Nobitex responded to the crisis, stating that there had been no additional loss since the code was leaked and that it planned to restore its services within five days. Nonetheless, instances of continuous internet shutdowns in Iran could slow the healing process.

This has caused widespread concern among users regarding the security of their funds. Others have panicked and withdrawn their funds from Nobitex. Others are awaiting further updates from the exchange, as the situation remains uncertain.

Related: Iran’s Nobitex Hit by Major Cyberattack Linked to Israeli Group

The complexity of the Nobitex hack and code leak highlights critical vulnerabilities in the region’s crypto exchanges. According to experts, it is time for more stringent monitoring and enhanced security. The attack is also a sign of how geopolitical tensions may infiltrate the world of digital assets.

Regulators and users are monitoring the situation as it unfolds. The Nobitex hack could mark a turning point in the security of cryptocurrencies in Iran and the broader region.

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