Nobitex, Iran’s largest cryptocurrency exchange, has started restoring wallet access to users after suffering a major security breach that led to over $90 million in losses.
The exploit, which shook Iran’s crypto community, prompted immediate concern as users were left unable to access their funds. On June 29, Nobitex released an official update on X (formerly Twitter), detailing a phased recovery plan aimed at gradually unlocking user wallets.
Nobitex Begins Wallet Recovery with Verified Users and Spot Wallets
According to the statement, the first phase of the process focuses on verified users, with only spot wallets being made accessible at this stage.
Users with incomplete identity verification must complete KYC (Know Your Customer) requirements before they can regain access to other wallet types.
Nobitex emphasized that the security of user assets remains a top priority and stated that additional layers of verification and monitoring have been added to prevent future breaches.
The gradual restoration of wallet access marks a critical step in rebuilding user trust and stabilizing the platform after one of the country’s largest crypto thefts.
Also Read: Iran’s Nobitex Crypto Exchange Loses $90M In Suspected Israeli Hacker Attack
Nobitex Hack on June 18 Linked to Pro-Israel Group Predatory Sparrow
The Nobitex exploit took place on June 18 and was reportedly carried out by Gonjeshke Darande, also known as Predatory Sparrow—a pro-Israel hacktivist group.
Blockchain analysts estimate that the attackers stole between $90 million and $100 million worth of digital assets from the exchange’s hot wallets.
The breach affected multiple blockchains, including Ethereum and Tron, and involved a variety of major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE).
As one of the largest crypto thefts in Iran’s history, the incident underscores the increasing intersection of geopolitical conflict and cybercrime.
Beyond the financial losses, the attack dealt a major blow to Iran’s top crypto platform, raising alarm about the security vulnerabilities of centralized exchanges in politically volatile regions.
Also Read: Crypto Losses Hit $2.1B in H1 2025, Driven by Private Key Breaches and Front-End Attacks
Nobitex Begins Wallet System Migration After Major Security Breach
In response to the recent security breach, Nobitex has begun migrating to a new wallet system to enhance user safety and prevent future attacks.
Nobitex emphasized that any transactions made to these old addresses could result in the permanent loss of funds. The update specifically advised users to check if their former deposit addresses are connected to mining rigs or set as default withdrawal destinations in any blockchain services and to delete or update them immediately.
The migration is part of Nobitex’s broader effort to restore trust and improve platform security.
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