💥 Crypto Meets Cyberwar: Inside the $90 Million Hack on Iran's Nobitex Exchange. By ChainFabricNews

Image source: CNN

 In June 2025, the crypto world was shaken by an incident that wasn’t about profit—but power. Iran’s largest cryptocurrency exchange, Nobitex, was hit by a sophisticated cyberattack that led to the loss of over $90 million in digital assets. But what made this incident even more alarming was the motivation behind it.

The hacker group behind the attack, known as Predatory Sparrow, claimed responsibility in a public statement. This wasn’t their first high-profile action. The group has been linked to earlier cyber operations in Iran, and many believe it operates in support of Israeli interests.

What stood out in this case was the unusual way the stolen crypto was handled. Instead of selling or moving the assets to personal wallets, the hackers “burned” the funds—sending them to blockchain addresses that no one can access. In other words, the money is now gone forever.

Each of those blockchain addresses carried political messages condemning Iran’s Islamic Revolutionary Guard Corps (IRGC). This wasn’t just a hack—it was a digital protest, and one that hit Iran where it hurts: in its increasingly important crypto economy.

Nobitex’s Response and Fallout

Shortly after the hack, Nobitex went offline. Users were locked out of their accounts, and panic spread across social media platforms. The exchange issued a public apology and began working around the clock to restore its services.

Iran’s central authorities responded quickly, introducing temporary limits on trading hours and urging users to avoid panicked withdrawals. Behind the scenes, cyber experts were brought in to analyze the breach, while Nobitex moved to issue new secure wallet addresses for verified users.

By the end of June, the platform had started coming back online in phases—but trust had already taken a major hit.

More Than Just a Crypto Story

What makes this story stand out isn’t just the size of the loss—it’s what it tells us about the growing connection between crypto and global politics.

Iran has turned to crypto in recent years to bypass international sanctions. Platforms like Nobitex allow Iranian users to trade Bitcoin, Ethereum, and other assets—sometimes even for international business. That’s part of why the Predatory Sparrow attack was so impactful: it didn’t just hit a crypto exchange—it targeted a financial tool that helps Iran stay connected to the global economy.

Cybersecurity experts are warning that this may not be the last of its kind. As governments, militaries, and activist groups begin to understand the influence of crypto, we may see more of these “symbolic” attacks—where the goal isn’t money, but a message.

The Bigger Picture

This event serves as a reminder: crypto is no longer just about finance. It's now a part of the larger global conversation around freedom, power, and control.

For users, the lesson is clear—security matters more than ever. And for governments, it’s a wake-up call to strengthen the digital infrastructure that supports financial independence.

As Nobitex works to rebuild, the world is watching—and learning. Because in this new era, even a cryptocurrency wallet can become a battlefield.