Iran’s biggest crypto exchange just got hit with one of the most unusual hacks in recent memory. A group called Predatory Sparrow, reportedly linked to pro-Israel operatives, drained nearly $90 million from Nobitex on Wednesday. But instead of cashing out, the hackers sent the funds to wallets no one can access. That means the money is gone, burned, making the heist feel more like a political statement than a payday. Iranian officials have yet to comment on the breach, but the move is already being framed as a blow to the country’s crypto-dependent operations.
Not Just a Hack, But a Statement
Blockchain watchers like Elliptic and TRM Labs tracked the stolen Bitcoin, Ethereum, and Dogecoin to wallets that were loaded with anti-Iran messages. These weren’t ransom addresses or cold storage. They were essentially digital black holes. Whoever pulled this off wanted attention, not profits.
95% of assets on Iran’s Nobitex crypto exchange vanished after a hack by the Israeli-linked group “Predatory Sparrow.”
According to military reporter Doron Kadosh, Nobitex was used by Iran to bypass sanctions via crypto.
Foreign sources say wallet holdings dropped from $1.8… pic.twitter.com/84y4awcUcj
— Clash Report (@clashreport) June 18, 2025
Nobitex has remained tight-lipped, only confirming it is investigating. But the exchange’s known links to Iran’s Revolutionary Guard Corps are fueling theories that this was a direct hit on one of the country’s backdoor financial pipelines. Nobitex serves over 7 million users and has long faced allegations of helping Iran sidestep sanctions.
Not the First Attack, and Probably Not the Last
This attack came on the heels of another breach targeting Iran’s Bank Sepah, a state-run lender with deep military ties. Predatory Sparrow has claimed both attacks. If the name sounds familiar, it’s the same group linked to previous cyber incidents that disrupted gas stations and caused fires at steel mills in Iran.
All of this is happening as tensions between Iran and Israel heat up again. Cyberattacks have become part of the modern battlefield, and experts say we’re likely to see more of this digital tit-for-tat. Since June 12, the volume of cyberattacks linked to this conflict has reportedly surged by over 700 percent.
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Why This One Feels Different
Most cybercriminals want to get rich. These hackers just wanted to make a point. Instead of stashing the stolen crypto, they destroyed it. That turns the attack into a kind of protest, spotlighting the way Iranian institutions allegedly use crypto to get around global restrictions.
It’s also a warning shot. Not just to Iran, but to others watching this space, crypto exchanges, governments, and maybe even regulators now have fresh proof of how digital currencies can be used in geopolitical disputes.
A Bigger Fight Playing Out Online
This is bigger than just one exchange. Mossad has reportedly been ramping up secret drone and cyber operations in Iran. And in response, the Iranian government shut down internet access across most of the country last week, citing national security. That blackout disrupted nearly all civilian online activity and made it harder for citizens to get information or move money.
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What This Means for the Industry
Nobitex was already under pressure. U.S. lawmakers had raised concerns earlier this year about its alleged role in helping Iran’s military dodge sanctions and finance ransomware campaigns. Now, this high-profile breach adds even more urgency to the calls for tighter oversight of how crypto platforms operate in sanctioned countries.
What Comes Next
So far, there’s no sign the lost funds can be recovered. The wallets are inaccessible. That makes this a rare moment in crypto history, an attack not for money, but for messaging. Cybersecurity experts are now watching closely to see if other exchanges get targeted next.
With crypto becoming a weapon in international conflict, the Nobitex hack might be a turning point. Not just for Iran, but for the entire conversation around regulation, crypto’s role in conflict zones, and what comes next when code and politics collide.
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Key Takeaways
- Nearly $90 million was stolen from Iran’s top crypto exchange, Nobitex, in a politically motivated cyberattack by Predatory Sparrow.
- The attackers sent funds to inaccessible wallets, effectively burning the crypto instead of profiting, turning the act into a public statement.
- Nobitex’s ties to Iran’s Revolutionary Guard Corps have sparked speculation that the hack was aimed at dismantling financial workarounds to sanctions.
- This follows a wave of cyberattacks in Iran, with Predatory Sparrow previously targeting military-linked institutions and infrastructure.
- The incident highlights growing use of crypto in geopolitical conflict and has intensified calls for tighter regulation of exchanges in sanctioned nations.
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