Iran’s largest cryptocurrency exchange, Nobitex, has resumed operations following an attack on June 18, which resulted in the loss of over $90 million in cryptocurrency assets. Blockchain analytics platform Chainalysis confirmed that the hack affected various assets, including Bitcoin, Ether, Dogecoin, TRON, Solana, XRP, Tether, and TON.
For context, the Israel-linked hacktivist group Gonjeshke Darande executed the attack and transferred the funds into inaccessible addresses. The group publicly released Nobitex’s source code and internal documentation. The exchange reassured customers that it will cover all losses via its internal reserve fund or insurance mechanisms.
Nobitex Begins Operational Efforts
Nobitex announced the phased restoration of services, starting with wallet access for fully verified users and initially focusing on spot wallets. The exchange noted that balance visibility and complete restoration will roll out gradually. However, the completion of various activities, such as ongoing identity verification, data accuracy checks, and security audits, will determine its success.
Nonetheless, in a previous statement, the platform claims that it expects deposits, withdrawals, and trading functions to be restored by June 30. It noted that intermittent delays may occur due to technical and connectivity issues within Iran.
Before completing its resumption efforts, it further advised all users to avoid sending funds to old wallet addresses. It stated that those accounts are now invalid following the system migration. Any transactions directed to the former addresses risk being irreversibly lost.
Meanwhile, authorities in Iran have also introduced new regulations, limiting exchange activity to operating hours between 10:00 a.m. and 8:00 p.m. daily. The officials believe such a policy will fortify defenses against further cyber threats.
A Different Response to Exploit
Unlike Nobitex, few other crypto firms have responded differently to platform attacks. In Japan, DMM Bitcoin, one of the country’s largest exchanges, faced its massive $305 million exploit. It shut down operations and transferred all customer assets to SBI VC Trade.
Similarly, in the DeFi sector, decentralized lending protocol zkLend was hit by a $9.5 million exploit in February. The significant drop in liquidity and the delisting of its native ZEND token from exchanges like Bybit and KuCoin shattered its confidence. Recently, zkLend formally announced its decision to cease operations and allocate its remaining $200,000 treasury to a user recovery fund.
