The fallout from the $100 million Nobitex exchange hack continues to deepen as hackers release the platform’s full source code, exposing users to further risk amid an already fragile security situation.
Key Takeaways:
Hackers leaked Nobitex’s full source code, putting remaining user assets at risk.
The $100M breach was politically motivated, with attackers burning most of the stolen funds.
Iran imposed new crypto exchange curfews as Nobitex works to restore services amid internet disruptions.
The Iranian crypto exchange, which suffered a major breach on Wednesday, is now facing renewed threats after the pro-Israel hacker group “Gonjeshke Darande” followed through on its warning to leak internal data.
On Thursday, the group posted a link on X containing Nobitex’s source code, privacy configurations, cold wallet scripts, and server lists.
“Time’s up – full source code linked below. ASSETS LEFT IN NOBITEX ARE NOW ENTIRELY OUT IN THE OPEN,” the group declared in its post, suggesting that any assets still on the platform are vulnerable.
Hackers Share Nobitex Code in Politically Motivated Hack
Gonjeshke Darande claims it targeted Nobitex due to its alleged ties to the Iranian government and its role in circumventing international sanctions.
In a follow-up post on Wednesday, the group said it had burned $90 million across eight wallets, effectively removing the stolen funds from circulation.
The breach took place amid heightened geopolitical tensions between Iran and Israel.
The hack occurred on the fifth day of open conflict, which included strategic missile strikes exchanged by both countries.
It also marks the largest cyber-related damage to Iran’s crypto sector since the beginning of its digital finance expansion.
Nobitex, for its part, stated on Thursday that no further losses had occurred and that it was working to restore services within five days.
The company cited internet instability inside Iran as a key challenge to its recovery timeline. CEO Amir Rad is expected to issue a video address to update users on the next steps.
In response to the hack, Iran’s central bank has introduced a curfew on domestic cryptocurrency exchanges, restricting operational hours to 10 a.m. to 8 p.m., according to data referenced by Chainalysis.
Crypto Market Bleeds $200B Amid Iran-Israel Conflict
The escalating conflict between Israel and Iran triggered a sharp dip in crypto market confidence, with sentiment dropping over 30% between June 12–15, according to Santiment.
This coincided with a 4–6% drop in Bitcoin’s price, erasing more than $200 billion in total crypto market value.
Despite the initial panic, Bitcoin has since stabilized around the $104K–$105K range. Analysts attribute this resilience to steady ETF inflows and the lack of further military escalation.
A similar pattern was observed during Russia’s invasion of Ukraine, where Bitcoin dipped briefly before recovering.
Geopolitical crises continue to influence crypto volatility, with Bitcoin often following a “drop then stabilize” cycle.
As tensions persist in the Middle East, markets may see further short-term price swings, though the long-term trajectory remains uncertain.
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