🔴
Iran has severely restricted the operation of cryptocurrency exchanges after the high-profile hack of Nobitex — the largest cryptocurrency exchange in the country. Authorities have imposed a restriction: trading can now only occur from 10:00 AM to 8:00 PM. This has directly impacted the cryptocurrency market in Iran.
— What happened?
• On June 18, hackers from the group Predatory Sparrow hacked Nobitex.
• About $90 million was lost — and all funds were burned on non-recoverable addresses.
• Messages on the blockchain included accusations against the Iranian regime and support for the protesters.
— What did the authorities do?
• The central bank restricted the operating hours of cryptocurrency exchanges.
• The measure is allegedly "to enhance control and security."
• But in fact — it reduces trading time and increases pressure on the market.
— Impact on the cryptocurrency market:
• 🔻 Trader activity in Iran will sharply decline.
• 💰 Possible capital outflow to decentralized platforms.
• 📉 Less liquidity — higher spreads, worse conditions.
📌 Similar measures have been implemented before — in 2022, Iran limited mining due to an energy crisis. This time, the reasons were cyberattacks and political pressure.
Subscribe to stay updated on such pivotal news 🔴
