Nobitex, Iran’s largest cryptocurrency exchange, is recovering services after a massive $90 million+ hack. The process of hacking, which was performed on June 18 by pro-Israel hacking group Gonjeshke Darande, led the exchange to apply a step-by-step recovery process for authorized members.
Service Restoration Begins
The exchange, as of 30th June, has started releasing wallet access to verified users. Only spot wallets will be enabled initially, the rest to be enabled when identification is in progress. Nobitex has warned customers not to hold back from accessing their balances until confirmation.
The exchange agreed that funds in wallets with old addresses are inaccessible after the change to a new wallet system. Nobitex warned customers against depositing funds into old addresses to avoid losing their money.
Information about the Hack
The exploit enabled the hackers to siphon an estimated $90 to $100 million in digital assets from Nobitex hot wallets, including cryptocurrencies Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE).
The hackers stated that they broke into the system using the login credentials of compromised employees that they obtained through the use of infostealer malware. The exploit leaked sensitive information about Nobitex’s internal matters, including source code and server details, some of which appeared online.
Nobitex has processed over $11 billion in value of inflows, thereby becoming an important player in Iran’s cryptocurrency scene. Chainalysis points out that its association with sanctioned individuals and ransomware gangs has called its operation integrity into question.
Future Operations and Security Measures
Nobitex is presently attempting to regain all trading capabilities and is waiting impatiently to reopen in full force in the imminent future. The time frame can be subject to change based on regular security scans. The exchange has stated, “We are working to resume withdrawal, deposit, and trading services for verified users with minimal delay.”
The Iranian government has also restricted operations at local cryptocurrency exchanges following the hack, limiting their operating hours between 10 AM and 8 PM.
Overall, the Nobitex hack indicates heightened threats of politically motivated cyber attacks against cryptocurrency exchanges. As the exchange works to regain user trust, the focus remains on enhancing security measures and preventing future breaches.
