On June 18, 2025, a cyberattack shocked the cryptocurrency world. The goal this time was not to steal for profit, but a naked political statement and digital scorched earth war. Iran's largest cryptocurrency exchange was hacked, with losses of about $82 million. However, in stark contrast to previous hacking incidents, the huge amount of money was not transferred and laundered, but was directly deposited into multiple addresses that are highly likely to be "black holes", equivalent to being permanently destroyed.
The pro-Israel hacker group behind the attack quickly claimed responsibility. Their actions may be puzzling to North Korean hackers who aim to make money, but they accurately hit Iran's financial lifeline and brought the cyber war to the core of the crypto world.
Why is it the "digital lifeline" under lockdown?
Perhaps the most surprising thing about this incident is that a country like Iran, which is known for its conservatism and closure, has bred such a large-scale cryptocurrency exchange. But behind this seemingly contradictory logic is very clear: it is the long-term "closure" that has given rise to Iran's extremely active cryptocurrency ecosystem - it is not only a strategic tool for the country to circumvent sanctions, but also a lifeline for the people to fight inflation.
First, at the national level, due to decades of severe economic sanctions by the United States and other Western countries, Iran has been almost excluded from the global SWIFT banking system. Cryptocurrency provides a parallel financial track that is not controlled by a single country, becoming Iran's "digital lifeline" for international trade, fund transfers, and even funding allies. Such local exchanges, therefore, play a key role as the country's "digital financial gateway", and their strategic position is self-evident.
Secondly, at the individual level, Iranians have long suffered from the depreciation of their national currency, the rial, and hyperinflation. In order to protect their hard-earned money, holding Bitcoin or pegged to the US dollar has become a more reliable option than holding their own legal tender. For tech-savvy young Iranians, cryptocurrency is an important window for them to connect to the world and earn foreign exchange.
Therefore, the Iranian government has adopted a complex strategy of "acquiescence and control" for cryptocurrencies. It is precisely in the gap between the national strategic needs and the actual needs of the people that this behemoth has grown wildly. This also explains why the "Predatory Sparrow" organization chose it as a target - because it touches the most sensitive and critical nerves of Iran's financial system.
"This is not theft, this is a declaration": the huge amount of money destroyed and the address of the "good number"
According to on-chain data analysis, a total of about $81.7 million was lost on the Tron and Bitcoin chains. The hackers did not try to cover their tracks, but instead announced their purpose to the world through carefully designed addresses.
Funds were transferred to four addresses, three of which carried explicit political messages:
In cryptography, the probability of randomly colliding with such a clear-cut "vanity address" is infinitely close to zero, so these addresses are theoretically black hole addresses whose private keys are unknown to anyone. Transferring funds to these addresses is tantamount to public destruction. This "suicidal" way of handling funds shows that the attacker's core goal is not material wealth, but the pursuit of a spiritual victory and political deterrence.
24-hour ultimatum: full escalation of conflict
After their success, the "Predatory Sparrow" organization did not stop, but issued a more radical threat. They publicly announced that if users still did not withdraw their funds within 24 hours, they would publish all the source code and internal network information of the coin, aiming to trigger a run on the coin and completely destroy its operating basis.
This incident is not an isolated one. From Tether freezing Iran-related addresses to the "predatory sparrow" attack on Iran's major banks, a comprehensive attack beyond the physical level is taking place in Iran.
Conclusion: The new battlefield in the crypto world
The hack of the Iranian exchange marks that geopolitical conflicts have spread to a whole new dimension. When crypto addresses become political slogans and when hacker attacks become proxy wars between countries, the entire crypto world must be alert. This is no longer just a game of code and wealth, but a new battlefield full of real-world gunpowder.
