Iran Imposes Crypto Exchange Curfew After $100 Million Nobitex Hack

Following a major cyberattack targeting Nobitex — Iran’s largest cryptocurrency exchange — the country’s central bank has imposed strict operating hours on domestic crypto platforms, limiting them to 10 AM to 8 PM daily.

According to a report by Chainalysis, the move is likely aimed at curbing capital flight and improving response to potential security threats. Andrew Fierman, Head of National Security Intelligence at Chainalysis, noted, “Incidents are easier to handle when they don’t happen in the middle of the night.”

Nobitex confirmed the breach occurred on Wednesday morning, with losses estimated at a minimum of $100 million across various cryptocurrencies including Bitcoin, Ether, Dogecoin, XRP, and Solana. A pro-Israel hacking group named Gonjeshke Darande has claimed responsibility, stating they infiltrated the platform’s internal systems and drained its hot wallets.

Notably, the stolen funds were transferred to so-called “burner” wallets with no private key access, rendering them effectively unrecoverable. This suggests the attack was politically motivated rather than financially driven, intending to undermine the Iranian regime.

In response, Nobitex cut all external server access and began transferring remaining assets from hot wallets to offline cold storage. Although users currently cannot access the platform, Nobitex assured them that its reserve fund will fully cover all stolen assets.

Iran has a history of regulating domestic crypto activity. In December, the government temporarily shut down exchanges to prevent the Iranian Rial from devaluing further.

Nobitex is not just a local exchange — it serves as a vital hub in Iran’s heavily sanctioned crypto ecosystem. Chainalysis estimates its total inflows exceed $11 billion, more than 1.5 times the combined inflows of the next ten largest Iranian exchanges.

However, Nobitex’s alleged ties to internationally sanctioned entities — including Yemen’s Houthi rebels, al-Qaeda propaganda networks, and Russian exchanges like Garantex and Bitpapa — have raised serious concerns among international observers.