Key takeout
Iran’s central bank has limited crypto exchange times following a Nobitex security breaches. The new regulations aim to strengthen surveillance of crypto transactions amid international financial sanctions.
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Iran’s central bank is operating domestic crypto exchanges only from 10am to 9pm in response to a recent cyberattack targeting Nobitex, the country’s largest crypto exchange, according to a new report from Chainasys.
According to the report, the hacks that occurred Wednesday were lost over $90 million in digital assets such as Bitcoin, Ethereum, Dogecoin, XRP, Solana, Tron and Toncoin.
Gonjeshke Dalande, also known as the predatory Sparrow, a group of hacktivists in Pro Israel, quickly trusted the attack.
According to chain analysis, the attacker-controlled wallet was a burner address with no private key access.
Earlier this week, the predatory Sparrow also argued for another cyberattack targeting Sepah, one of Iran’s largest state-owned banks. The two famous hacks came at a time when hostility between Iran and Israel grew.
Nobitex has handled total inflows of over $11 billion in total, compared to the next 10 Iranian exchanges combined with $7.5 billion, and has issued a statement ensuring that users are safe in their funds. The exchange moved large quantities of Bitcoin to new cold storage wallets to enhance security, the chain analysis said.
The new restrictions could be part of Iranian authorities’ efforts to increase surveillance of crypto trading activities. Nobitex serves as a key gateway connecting Iran’s licensed financial system to the global crypto market.
Previously, it was linked to Nobitex, including IRGC-related ransomware operators and networks affiliated with Houthi and Hamas, identified by Israel’s National Terrorfinance Agency.
The platform also facilitated transactions with authorized entities that Gaza Now, the Pro-al-Qaeda Propaganda Channel and Russian Cryptocurrency exchange Garantex and Bitpapa.
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