The aftermath of the significant $100 million hack of the Nobitex exchange is intensifying, as hackers have released the platform’s complete source code, further endangering users in a precarious security landscape.
Key Insights:
- The hackers’ leak of Nobitex’s source code increases the risk to remaining user assets.
- The $100 million breach was motivated by political factors, with hackers effectively eliminating most of the stolen funds.
- In response, Iran has imposed new operational curfews for crypto exchanges while Nobitex strives to restore its services amid significant internet disruptions.
The Iranian cryptocurrency exchange, which experienced a serious security breach on Wednesday, is dealing with renewed threats following a warning from the pro-Israel hacker group “Gonjeshke Darande.” The group has now delivered on its pledge to disclose sensitive internal information.
On Thursday, the hackers circulated a link on social media platform X that contained Nobitex’s source code, privacy setups, cold wallet scripts, and server lists. In their post, they ominously stated, “Time’s up – full source code linked below. ASSETS LEFT IN NOBITEX ARE NOW ENTIRELY OUT IN THE OPEN,” indicating that remaining assets on the platform are now at heightened risk.
Hackers Target Nobitex in Politically Charged Attack
The hacker group Gonjeshke Darande asserts that their focus on Nobitex stems from the platform’s purported connections to the Iranian government and its involvement in evading international sanctions.
In a subsequent announcement on Wednesday, the group claimed to have destroyed $90 million across eight wallets, effectively removing most of the stolen assets from circulation.
12 hours ago
8 burn addresses burned $90M from the wallets of the regime’s favorite sanctions violation tool, Nobitex.
12 hours from now
The source-code of Nobitex will be open to the public, and Nobitex’s walled garden will be without walls. Where do you want your assets to be?…
— Gonjeshke Darande (@GonjeshkeDarand) June 18, 2025
The breach coincided with escalating geopolitical tensions between Iran and Israel, occurring on the fifth day of open hostilities marked by missile strikes from both nations.
This incident marks the most significant cyber-related setback to Iran’s cryptocurrency sector since the growth of its digital finance landscape began.
Nobitex has reported that no additional losses have occurred since the hack, and the company is working to restore its services within five days. However, it noted that considerable internet instability in Iran is a major obstacle to its recovery efforts. The firm’s CEO, Amir Rad, is expected to address users via video shortly about the company’s next steps.
In the wake of the hack, Iran’s central bank has instituted a curfew for domestic cryptocurrency exchanges, restricting their operation hours to 10 a.m. to 8 p.m., as reported by data from Chainalysis.
Crypto Market Faces $200 Billion Loss Amid Iran-Israel Tensions
The ongoing conflict between Israel and Iran has precipitated a significant decline in confidence across the cryptocurrency market, with a sentiment drop of over 30% recorded from June 12 to June 15, according to analytics firm Santiment.
This decline aligned with a 4% to 6% drop in Bitcoin’s price, contributing to losses exceeding $200 billion in total cryptocurrency market value.
The ongoing conflict between Israel & Iran has led to a visible increase in volatility across crypto. Sentiment data showed major bearish sentiment coming in between June 12th to 15th, in particular, coinciding with a 4–6% drop in Bitcoin’s price and erasing over $200B from… pic.twitter.com/t1Qe7DlOCf
— Santiment (@santimentfeed) June 18, 2025
Despite initial market turmoil, Bitcoin has since stabilized around the $104,000 to $105,000 range. Analysts credit this recovery to consistent ETF inflows and the absence of further military escalation.
A similar trend was observed during Russia’s invasion of Ukraine, where Bitcoin experienced a short-term dip before rebounding.
Geopolitical unrest continues to sway cryptocurrency volatility, with Bitcoin often following a pattern of “decline followed by stabilization.” As tensions in the Middle East persist, markets may anticipate further short-term price fluctuations, though the long-term outlook remains uncertain.
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