Over $90 million in digital assets were drained from Iran’s top crypto exchange, Nobitex, in a politically charged cyberattack allegedly linked to pro-Israel hackers.
Crypto Funds Vanish in Politically Charged Cyberattack Against Iran’s Nobitex
More than US$90 million has been drained from Nobitex, Iran’s largest cryptocurrency exchange, in a cyberattack believed to be politically motivated, according to leading blockchain analytics firms.
The attack, which took place earlier this week, is being attributed to hackers potentially linked to pro-Israel groups. The perpetrators released what they claimed to be Nobitex’s full source code and posted a statement on Telegram that read: “ASSETS LEFT IN NOBITEX ARE NOW ENTIRELY OUT IN THE OPEN.”
Blockchain forensics firm Elliptic reported that the stolen assets, including major cryptocurrencies such as Bitcoin and Ethereum, were funneled into wallets carrying anti-Iran messages. These included sharp criticisms of Iran’s Islamic Revolutionary Guard Corps (IRGC), a military wing sanctioned as a terrorist organisation by several Western governments, including the United States and the European Union.
In its blog post, Elliptic noted that the nature of the transfer suggested the operation was not financially motivated. The hackers allegedly moved the stolen digital assets into inaccessible blockchain addresses, essentially “burning” the funds in a deliberate act of destruction.
“The attackers effectively burned the funds in order to send Nobitex a political message,” Elliptic said, highlighting how the wallets used bore messages condemning the IRGC.
Further analysis by blockchain firm TRM Labs supported the assertion that the stolen assets had been irretrievably destroyed, ruling out traditional financial theft as a motive. Instead, experts have labelled the incident as a politically charged act of cyber sabotage, aimed at destabilising a symbol of Iran’s growing digital finance sector.
Nobitex, a key player in Iran’s cryptocurrency ecosystem, has reportedly faced previous scrutiny due to alleged connections to state-linked entities. The exchange has not yet issued a formal response to the claims or confirmed the authenticity of the leaked source code.
The incident comes amid rising tensions in cyberspace, where geopolitical rivalries are increasingly playing out through digital assets. With cryptocurrencies offering anonymity and borderless transactions, experts warn that politically driven cyberattacks like this may become more frequent and disruptive.
As global attention shifts to the motivations behind the hack, the unprecedented move to sacrifice tens of millions in digital currency as a political statement has sent shockwaves across the crypto world.
