Iran's largest cryptocurrency exchange, Nobitex, suffered a devastating $90 million hack in June 2025 executed by the pro-Israel hacker group Predatory Sparrow. Unlike typical financially motivated attacks, this incident involved the destruction rather than theft of crypto assets, serving as a symbolic political statement against alleged terrorism financing through the exchange.
The attack has had severe consequences for Iran's cryptocurrency ecosystem, resulting in an 11% year-over-year decline in the country's crypto inflows, dropping from approximately $4.07 billion to $3.7 billion. This represents a $370 million reduction in cryptocurrency flowing into Iran following the security breach.
According to TRM Labs, "The incident accelerated outflows from Iranian exchanges and shortened TVL and liquidity in the local crypto economy." Arda Akartuna, Lead Crypto Threat Researcher at Elliptic, noted that "It seems to have been more of a symbolic hack, as opposed to one where the intention is financial."
The hack has severely undermined user confidence in Iranian exchanges, prompting many users to shift their assets to alternative networks and stablecoins. The incident has also drawn increased regulatory scrutiny and prompted Tether to freeze Iranian addresses, further complicating the country's crypto landscape.