Nobitex to resume trading and withdrawals after $90 million hack 

Iranian crypto exchange Nobitex is expected to resume its withdrawal services on June 30, as per an X post.

This update comes after a pro-Israeli group hacked the platform on June 18, forcing it to suspend operations. Nobitex is now slowly working towards a fully functional status. Nobitex is the country’s largest cryptocurrency exchange in terms of trading volume, with $11 billion in inflows according to Chainalysis.

A June 29 update from the Nobitex communications team informed users on X that the platform was working to resume withdrawals, deposits, and trading services. Nobitex has advised all users to stop depositing cryptocurrency into their wallets, as previous wallet addresses are no longer considered valid.   

This follows an earlier X post by the company on June 24, with the Nobitex Service Restoration Roadmap informing its users of the three phases in which it plans to resume operational status. 

“At Nobitex, we fully understand the urgency of regaining full access to digital assets and are committed to making this possible. However, given the scale and complexity of the incident, we are prioritizing the security of this access.” read the X post. 

The hacking group—known as Gonjeshke Darande or Predatory Sparrow—has been targeting Iran, taking credit for multiple cyberattacks since 2021.

As part of the hack, Predatory Sparrow revealed Nobitex’s source code in an attempt to further hurt the exchange. 

Other institutions targeted in the attacks include the Iranian state bank Sepah, which helps the Iranian armed forces with making payments to foreign suppliers.  Both Sepah and Nobitex have acknowledged the impact of the attacks.