Following a huge security breach affecting Iran’s largest cryptocurrency exchange, Nobitex, the Central Bank of Iran has declared new regulations, including a “crypto curfew” that applies to all digital asset trading platforms within the nation. This unprecedented step follows a massive $100 million cyberattack on the platform that many are now calling one of the most devastating digital assaults anywhere in the country’s financial history. This week, a directive was announced that is now restricting crypto exchanges in Iran to operating between the hours of 10 AM and 8 PM. The move is said to be intended to improve oversight and security, limiting the risk of further attacks during less-staffed nighttime hours when teams are offline and more vulnerable to breaches. Iran's central bank has ordered local crypto exchanges to operate only between 10 AM and 8 PM to tighten oversight and reduce risks of incidents like the Nobitex hack during off-hours. https://t.co/kiLff8sXud https://t.co/aySfH2OTnr — Wu Blockchain (@WuBlockchain) June 19, 2025 A Coordinated Digital Strike The breach at Nobitex occurred on June 18. It was breached by a cybercriminal group known as Predatory Sparrow. They are not believed to be very far removed from the state of Israel. The attack has drawn a lot of attention and serious concern around the world—especially among cryptocurrency holders—because of the nearly $90 million worth of cryptocurrency that the group destroyed, in what is probably one of the most creative and novel ways to destroy such a large amount of digital assets seen to date. Update on the cyberattack against Iran’s largest crypto exchange Nobitex: On June 18, Israeli-linked hacker group Predatory Sparrow claimed responsibility for the attack. Key developments: Full source code of Nobitex leaked ~$90M in crypto assets destroyed, sent to a… https://t.co/wxM94Ydnfu — Followin (@followin_io) June 19, 2025 The hackers not only wrought financial havoc but also divulged the entire source code for the Nobitex platform, which is compounded by this being the second recent attack on an Iranian crypto exchange. Messages sent out with the attack make it clear that there are political motivations at play here, beyond just trying to grab some cash. Which also makes sense, given how closely tied this whole incident is starting to look with past cyber operations undertaken by the IRGC that have targeted Iranian state-backed industry. Nobitex, which controls almost 90% of Iran’s domestic crypto market, first asserted that the massive outflow of digital assets was a result of a “preemptive technical operation” by its internal team, carried out in an attempt to mitigate further risk. Later, the company confirmed that approximately $100 million in digital assets had been destroyed in what it called a “psychological attack”—an operation designed to undermine public trust and national morale. Iran Enforces Crypto Curfew In response to a major breach at Nobitex, Iran’s largest crypto exchange, the Central Bank of Iran has imposed nighttime restrictions on all crypto trading platforms operating in the country. Nobitex, which commands nearly 90% of the domestic crypto… pic.twitter.com/aC1HS5iQHH — Nomy (@NomyFinance) June 19, 2025 Government and Industry Response In the hours after the attack, Iranian leaders wasted little time in putting measures into place. The country’s Central Bank, for instance, recently issued a new curfew regulation aimed at cutting back on trading activity that happens during the nighttime hours. That’s when, the thinking apparently goes, cyber threats can be at their most effective since nobody’s around to notice them. It’s also when banks and other institutions might not be doing enough to monitor the situation and respond to any problems that crop up. The Central Bank stressed that this is a stopgap measure as inquiries proceed, but did not discount the possibility of introducing more restrictions or making a definitive change in the regulation of crypto in the future. Despite this, the trading of cryptocurrencies is very much alive in Iran, due to the country’s ongoing economic sanctions and the devaluation of its currency. The Nobitex episode has, however, reignited an argument over the safety and legality of decentralized finance in Iran. Nobitex has, for its part, attempted to reassure its users. The company has stated that all customer funds are completely backed by its reserve fund and emphasized that no user balances have been compromised. In a statement that was released shortly after the breach, the exchange confirmed that it is working with local cybersecurity experts and law enforcement to trace the attack and recover any salvageable data. Gradual Recovery Ahead Even though the incident was serious, access to the Nobitex platform will gradually come back over the next four to five days, the company said. They plan to add a few more security layers before completely returning to normal, like stricter withdrawal limits, enhanced multi-group authentication, and new real-time threat monitoring systems. Experts in the field caution that the repercussions of the Nobitex breach could wash over the region and affect other nations in it, as those countries reassess their own cybersecurity systems. For now, Iranians who use Nobitex will have to work with the trading schedule that the service provider now observes. And they will have to get used to a changed world, one in which the digital finance realm, so recently praised for its ability to provide a stabilizing effect in an economy as shaky as Iran’s, is now firmly in the sights of regulators. The struggle for innovation and security will become increasingly complex for the Iranian authorities and the Iranian crypto industry as the investigation unfolds and more facts come to light. They will now have to cope with the higher level of digital warfare that these institutions are engaging in and manage the economic uncertainty that appears to be an unavoidable part of the deal. Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news !
