Iran Enforces Cryptocurrency Operating Hours After $100 Million Cyber Attack on Nobitex
On June 20, 2025, at 05:23 WIB, Iran imposed strict operating hours for cryptocurrency transactions following a $100 million cyber attack on Nobitex, its largest cryptocurrency exchange. The attack on June 18, 2025, is suspected to have been carried out by the Israel-affiliated hacker Predatory Sparrow, which previously targeted Iran's financial infrastructure. Assets worth $90 million were burned, likely motivated by geopolitical concerns regarding the use of Nobitex by the IRGC. This policy emerges amid tensions with Israel, missile attacks, and a 98% internet blackout, exacerbated by recent U.S. sanctions.
Impact: This policy may limit cryptocurrency activity, increase security risks, and deepen reliance on centralized systems amid geopolitical pressures.