Hackers steal and destroy millions from Iran’s largest crypto exchange
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Hackers Drain $90M From Iran's Largest Crypto Exchange
Above: A Bitcoin token is placed next to phony bundles of U.S. dollar notes in Clermont-Ferrand, France, on June 14, 2025. Image copyright: Romain Costaseca/Contributor/AFP via Getty Images
The Spin
Pro-Israel narrative
These cyberattacks represent justified retaliation against Iran's use of cryptocurrency platforms to evade international sanctions and finance terrorism worldwide. Nobitex has clear connections to the Islamic Revolutionary Guard Corps and has facilitated money transfers to Hamas, Palestinian Islamic Jihad, and Yemen's Houthis. The hackers' decision to burn the stolen funds rather than profit demonstrates this was a principled operation aimed at disrupting Iran's shadow economy.
Pro-Iran narrative
This destructive cyberattack amounts to digital warfare that harms ordinary Iranian citizens who rely on cryptocurrency exchanges during economic hardship. The hackers' claims about sanctions evasion serve as pretexts for attacks that disrupt essential financial services and threaten civilian access to banking and fuel distribution systems. These operations represent escalatory cyber aggression that could destabilize regional digital infrastructure.