Iran’s Largest Crypto Exchange Hacked: $230M Drained From Nobitex Amidst Growing Economic Turmoil

In one of the largest exchange hacks of 2025, Iranian crypto platform Nobitex has reportedly lost over $230 million in digital assets following a targeted attack on its hot wallets. The hack has sent shockwaves through Iran’s already fragile crypto ecosystem, where millions rely on digital assets to hedge against inflation and sanctions.

According to blockchain analysts, the attackers siphoned off significant amounts of Bitcoin, Ethereum, and Tether using a series of complex transactions routed through Tornado Cash, the privacy tool that is itself under legal fire in the West.

🔓 What happened?

The breach began with a compromise of Nobitex’s hot wallets—wallets connected to the internet and used for day-to-day exchange operations. Blockchain forensics firm PeckShield estimates that the total loss amounts to over $230 million, making it the largest crypto hack in Iran’s history.

The stolen funds were quickly laundered through decentralized platforms, making recovery efforts nearly impossible. Over 7,800 ETH and 1,300 BTC were involved, with some of the flows being mixed using privacy protocols.

🇮🇷 Why Nobitex matters in Iran

Nobitex isn’t just another exchange—it’s Iran’s dominant crypto platform, with millions of users. In a country battling sanctions, devaluation, and restricted global finance access, many Iranians have turned to crypto as a financial lifeline.

This makes the hack not just a financial story—but a national crisis in trust. Users across the country have begun pulling funds, fearing insolvency or government crackdowns.

🔥 A brewing storm of regulation and panic

The incident has triggered widespread panic, with Iran’s Central Bank reportedly investigating Nobitex’s internal operations. Some government officials have hinted at possible bans or stricter crypto controls to avoid capital flight.

Crypto influencers in Iran are calling the hack a “wake-up call” for better security standards and decentralization, while others fear it will give regulators the ammunition they need to clamp down on the sector entirely.

🧩 Bigger picture: Crypto under pressure in authoritarian economies

This isn’t just about Nobitex. The hack reflects how centralized crypto services in high-risk regions remain vulnerable—not just to hackers, but to state intervention and political instability.

As Iranians search for alternatives, interest in decentralized wallets and peer-to-peer trading has started to rise. However, confidence has been shaken—and for many, the damage is already done.

✅ Summary

The Nobitex hack might mark a turning point in Iran’s crypto future. Whether it leads to better decentralization—or to a government-led crackdown—remains to be seen.

📎 Source: crypto.news – Nobitex Hack: Iran’s crypto collapse