Iran Imposes Crypto Curfew After $100M Nobitex Hack

Iran Orders Crypto Exchange Curfew After $100M Nobitex Hack

Iran central bank has imposed strict new operating hours on domestic cryptocurrency exchanges. The move follows a $100 million exploit on Nobitex, the country’s largest crypto platform.

According to Chainalysis, Iranian crypto exchanges are now limited to operating between 10 a.m. and 8 p.m.

Andrew Fierman, head of national security intelligence at Chainalysis, told Cointelegraph the curfew is a containment measure. “Incidents are easier to triage if they’re not happening in the middle of the night,” he said.

Fierman also noted that Iran may be trying to tighten control over citizens’ cross-border transactions. The timing aligns with rising geopolitical tensions and the threat of capital flight.

This isn’t the first time Iran has clamped down on crypto activity. In December, the central bank temporarily shut down all exchanges to protect the rial from further depreciation.

Hackers Burned the Stolen Crypto

Nobitex lost at least $100 million in a range of digital assets. The stolen crypto includes Bitcoin (BTC), Ether (ETH), Dogecoin (DOGE), XRP, and Solana (SOL).

The pro-Israel hacker group Gonjeshke Darande has claimed responsibility. They allegedly infiltrated Nobitex’s systems and drained its hot wallets.

Chainalysis said the stolen assets were sent to burner wallets. These addresses lacked private key access, making recovery impossible.

“This wasn’t about money,” Fierman said. “It was a political move meant to destroy funds, not profit.”

Burning crypto means permanently removing it from circulation. This is done by sending assets to inaccessible wallet addresses.

Nobitex: ‘Situation Under Control’

Nobitex released a statement on X saying it had cut off all external server access.

“The situation is now under control,” the exchange’s team wrote.

Although user access remains suspended, the Nobitex Reserve Fund will cover the losses.

The platform is also moving assets from online hot wallets to offline cold storage. This step is aimed at preventing future hacks.

However, internet disruptions and blocked servers could delay the full return of platform access.

Nobitex Is a Pillar of Iran’s Crypto Market

Chainalysis found that Nobitex has processed over $11 billion in crypto inflows. That’s more than the next ten Iranian exchanges combined, which hold under $7.5 billion.

The exchange is central to Iran’s digital asset ecosystem. It enables users to access global crypto markets in a country cut off from traditional finance.

“Nobitex isn’t just another exchange,” Chainalysis said. “It’s a vital hub in Iran’s heavily sanctioned economy.”

The platform has also been linked to several controversial actors. These include Houthi rebels, al-Qaeda propaganda networks, and Russian exchanges under sanctions like Garantex and Bitpapa.