Iran's largest cryptocurrency exchange, Nobitex, was invaded by the hacker group Predatory Sparrow on June 18 early morning, with over $100 million in assets directly transferred to an address without a private key, instantly vanishing.
The latest news indicates that the Iranian Central Bank issued a nationwide exchange night curfew the next day, limiting operating hours from 10 am to 8 pm, attempting to regain control of capital flows amid turmoil.
Hackers 'Burning Coins' Targeting Political Symbols
This attack was not aimed at transferring funds for profit, but directly destroying cryptocurrency assets such as BTC and ETH. Predatory Sparrow infiltrated hot wallets to send assets to an uncontrollable Burn address, leaving a message on the chain mocking Iran's Islamic Revolutionary Guard Corps (IRGC).
According to the wallet screenshot published by Predatory Sparrow, this operation specifically targeted Iran's ability to circumvent sanctions through cryptocurrency, using blockchain as a geopolitical battlefield.
Curfew Order Shows Urgent Regulation
To prevent further disasters during unmanned night hours, the Iranian Central Bank issued a "curfew" to all exchanges on June 19, only allowing daytime operations. Chainalysis analysis security manager Andrew Fierman said:
"If an incident occurs at midnight, risk management is almost unmanned."
This measure is seen as another tightening of capital controls following the brief closure of exchanges in 2024, highlighting Iran's foreign exchange concerns under pressure on the Rial.
How Important is Nobitex?
Nobitex has a cumulative inflow of over $11 billion, far exceeding the total of other domestic platforms, and is involved with some sanctioned entities and IRGC-related networks. Predatory Sparrow chose this target not only due to its massive scale but also to cut off Iran's channels of obtaining external funds through cryptocurrency.
According to Chainalysis, Nobitex is the preferred platform for Iranian users seeking to enter the global crypto market and is the core pillar of the country's digital assets. Western media has previously stated that some of its transactions are related to terrorist groups like the Houthi armed group.
Nobitex is not just a local exchange, but a key center in Iran's strictly sanctioned crypto ecosystem, enabling users who cannot be isolated from traditional finance to enter the global market for economic activities.
