Nobitex Faces Major Cybersecurity Breach in Hot Wallet

Nobitex, Iran’s leading cryptocurrency exchange, confirmed that it experienced an unauthorized access attack on its hot wallet on June 18, 2025, attributed to the hacktivist group Predatory Sparrow.

The incident highlights the vulnerability of crypto exchanges to cyberattacks, with Nobitex ensuring asset recovery through insurance and reserves. Immediate market impact yet to be fully observed.

Nobitex reported the breach affected its internal systems and hot wallet, with on-chain data indicating losses between $48 million and $90 million. The group’s actions led to assets being moved to inaccessible addresses, effectively burning them.

The hack was claimed by Predatory Sparrow, known for targeting Iranian institutions. Allegations suggest Nobitex was involved in facilitating sanctions evasion, prompting the attack. User assets stored in cold wallets remain secure.

“Users’ assets are completely secure according to cold storage standards, and the above incident only affected a portion of the assets in hot wallets. All damages will be compensated through the insurance fund and Nobitex resources.” – Nobitex, Official Statement

The breach has significant implications for the Iranian market, with the potential for increased regulatory scrutiny. Tether, issuers of USDT, reportedly froze a portion of the stolen assets as intervention measures.

Latest news and updates from Iran International suggest market analysts anticipate short-term volatility in the Iranian crypto market as the incident unfolds. Regulatory authorities have yet to release any official statements.

Predatory Sparrow’s claim raises concerns about the exchange’s role in broader geopolitical activities. Financial outcomes remain uncertain but could shape future regulatory landscapes regarding exchange security protocols.