Iran Imposes Crypto Exchange Curfew After $100M Nobitex Hack by Pro-Israel Group

Tehran, Iran – June 2025

In the wake of a devastating cyberattack that drained over $100 million in cryptocurrency from Nobitex, Iran's largest digital asset exchange, the Iranian central bank has imposed a strict curfew on the nation’s crypto platforms. Exchanges are now only allowed to operate between 10:00 AM and 8:00 PM, a move likely aimed at boosting oversight and containing further risk.

$100M Hack Linked to Pro-Israel Hackers

The breach, which took place on June 18, has been attributed to Gonjeshke Darande, a pro-Israel hacker group. They reportedly gained unauthorized access to Nobitex’s internal systems and siphoned off digital assets from hot wallets. Affected cryptocurrencies include Bitcoin (BTC), Ethereum (ETH), Solana (SOL), XRP, and Dogecoin (DOGE).

Source: Gonjeshke Darande

What makes the attack particularly notable is that the hackers burned the stolen funds, effectively destroying them by transferring them to inaccessible wallets. Experts say this suggests a political motive rather than a financial one.

Read More: South Korean Crypto Exchange Users Reach 16 Million, with Projections to Hit 20 Million by Year-End

Political Motives and National Security Concerns

Analysts believe the restricted operating hours are part of a broader national security response. Limiting activity during late hours allows for better monitoring and faster incident response. Furthermore, officials may be trying to tighten control over capital outflows, especially during a period of heightened geopolitical tensions.

“This was not about profit. The aim was to weaken Iran’s financial infrastructure by disrupting one of its most important crypto platforms,” said a national security expert. “The curfew helps Iran manage future attacks more effectively.”

Nobitex: “Funds Will Be Recovered”

In a public update, Nobitex confirmed the exploit and stated that no user funds will be lost, thanks to the platform’s Reserve Fund. It also noted that external server access has been cut, and remaining hot wallet assets have been moved to offline cold storage for added protection.

Source: Nobitex

“The situation is under control, but users should expect delays due to heightened security protocols and ongoing internet disruptions,” said the exchange's communications team.

Read More: Crypto ‘Uninvestable’ if Exchanges Ignore Price Manipulation, Warns DeFiance Capital CEO

A Cornerstone of Iran's Crypto Ecosystem

Nobitex plays a pivotal role in Iran’s digital asset landscape. According to blockchain data, the exchange has processed over $11 billion in total inflows — more than all other Iranian exchanges combined.

It serves as a critical bridge for Iranians seeking access to global crypto markets, particularly as traditional banking channels remain largely blocked due to international sanctions.

However, its prominence has also drawn attention from international watchdogs. Nobitex has reportedly had exposure to sanctioned Russian exchanges such as Garantex and Bitpapa, and allegedly facilitated crypto flows connected to groups like Yemen’s Houthi rebels and extremist propaganda outlets.

Nobitex’s total inflows are more significant than the ten other largest Iranian exchanges combined. Source: Chainalysis

Rising Tensions: A Cyber Front in the Iran-Israel Conflict

The cyberattack comes just days after Israeli military strikes inside Iran on June 13, part of an ongoing escalation between the two regional adversaries. Analysts are calling the Nobitex incident a new front in asymmetric cyber warfare, aimed at undermining Iran’s growing reliance on cryptocurrency amid global isolation.

A Pattern of Crypto Crackdowns in Iran

This is not the first time Iran has intervened in the crypto space. In late 2024, the government temporarily shut down all exchanges to halt the devaluation of the rial and curb foreign currency outflows. With the Nobitex breach, Iran now appears to be treating crypto security as a national defense issue.