Nobitex Strikes Back: Wallet Access Returns After $90M Hack Shakes Iran

Nobitex Crypto Exchange Resumes Gradual Recovery for Verified Users After $90 Million Hack

Iran’s largest cryptocurrency platform, Nobitex, has officially begun restoring wallet access for its verified users following a staggering $90 million cyberattack that shook the nation’s crypto community earlier this month. In a recent update on X, the exchange confirmed it has started reopening wallets in phases, beginning with spot wallets, as it moves to restore user trust and re-establish operational stability.

Source: X

Mandatory Verification for Wallet Access

As part of Nobitex’s recovery strategy, identity verification has become mandatory for all users seeking to access their wallets. The verification process, initiated two days ago, is now a prerequisite to unlock accounts and regain access to funds. Spot wallets are prioritized during this initial reopening phase, with other wallet types to follow upon successful completion of verification checks.

Nobitex has urged users whose wallet balances remain invisible to exercise patience, stating that account data will be released incrementally after thorough security validation. The exchange has set a target to complete the verification and access restoration process by midweek, although delays may occur due to enhanced security layers implemented after the breach.

Withdrawals, Deposits, and Trading to Resume in Phases

Nobitex is also preparing to resume key functions, including withdrawals, deposits, and trading, but only for users who complete the security checks. The exchange is rolling out these services gradually to ensure the stability of its systems while minimizing the risk of further disruptions.

“Our technical team is working around the clock to restore services safely while ensuring no additional risks are introduced to user funds during this phased reopening,” Nobitex stated.

Users Warned Against Using Old Wallet Addresses

In a crucial advisory, Nobitex has warned all users against sending cryptocurrency to their old wallet addresses. As the platform undergoes a full system migration, these addresses have been rendered invalid, and any funds sent to them could be permanently lost. Users have been urged to remove saved old addresses from their mining rigs and applications and wait for the exchange to issue new, secure wallet addresses.

The Hack That Shook Iran’s Digital Asset Market

Nobitex’s gradual recovery comes after a sophisticated cyberattack in early June that led to the theft of approximately $90 million worth of digital assets, including Bitcoin, Dogecoin, and other tokens. The attack was carried out by Gonjeshke Darande, an anti-Iranian hacktivist collective believed to have ties to Israel, during heightened tensions between Iran and Israel.

The hacktivist group claimed responsibility, alleging Nobitex was facilitating the Iranian government’s efforts to circumvent U.S. sanctions and finance terrorism. In protest, the attackers forwarded the stolen assets to burn addresses, permanently removing them from circulation, while embedding anti-IRGC messages into transactions.

In response, Iranian authorities imposed an emergency crypto exchange curfew, restricting trading hours and introducing stricter regulations, including daily withdrawal caps, enhanced KYC protocols, and mandatory routine audits across all exchanges, aiming to prevent future incidents of this magnitude.

Nobitex’s Critical Role in Iran’s Crypto Economy

Serving over 10 million users and facilitating more than $11 billion in cryptocurrency transactions, Nobitex is more than just a trading platform in Iran. It has become a lifeline for citizens seeking to send funds abroad, hedge against rampant inflation, and navigate around financial sanctions that restrict economic opportunities within the country.

For many, working with Nobitex is seen as a contribution to national resilience, especially amid economic isolation and domestic currency volatility. However, the recent attack locked many users out of their accounts, causing widespread uncertainty and concern over the safety of their funds.

While the stolen funds were declared unrecoverable, Nobitex took emergency measures to protect remaining assets by moving them to cold storage and activating a reserve fund to potentially cover customer losses.

Future Uncertainties Remain

Despite resuming limited operations, significant questions loom over Nobitex’s long-term recovery. The exchange has yet to confirm whether it will fully reimburse users affected by the hack, nor has it disclosed the extent of user data potentially compromised during the breach.

Currently, wallet balances are accessible only to verified users, while full trading support and deposit functionalities are yet to be fully restored. Users have been advised to stay informed via official Nobitex updates and refrain from engaging with unofficial sources, which could lead to further losses or scams.

What’s Next for Nobitex?

As Nobitex navigates its recovery, its journey serves as a critical case study for crypto exchanges operating under geopolitical pressure and increasing cyber threats. The incident has highlighted the urgent need for advanced security infrastructures, rigorous identity verification processes, and contingency measures to protect users in a volatile crypto landscape.

The platform’s ability to regain user trust and resume full functionality will be pivotal not only for its future but also for Iran’s broader crypto ecosystem, which relies heavily on Nobitex’s services amid economic challenges.

Whether Nobitex can fully recover from this crisis while maintaining user confidence remains to be seen, but its phased reopening signals a cautious path toward stability. As the crypto community watches closely, the Nobitex recovery story underscores the high stakes of digital asset security in an increasingly interconnected and politically charged financial world.

Writer @Ellena

Ellena is an experienced crypto writer who loves to explore the intersection of blockchain technology and financial markets. She regularly provides insights into the latest trends and innovations in the digital currency space.

 

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