Iran’s Nobitex Exchange Faces Renewed Threat After Hackers Leak Core Code

The fallout from the $100 million Nobitex exchange hack continues to deepen as hackers release the platform’s full source code, exposing users to further risk amid an already fragile security situation.

The Iranian crypto exchange, which suffered a major breach on Wednesday, is now facing renewed threats after the pro-Israel hacker group “Gonjeshke Darande” followed through on its warning to leak internal data.

On Thursday, the group posted a link on X containing Nobitex’s source code, privacy configurations, cold wallet scripts, and server lists.

“Time’s up – full source code linked below. ASSETS LEFT IN NOBITEX ARE NOW ENTIRELY OUT IN THE OPEN,” the group declared in its post, suggesting that any assets still on the platform are vulnerable.

Hackers Share Nobitex Code in Politically Motivated Hack

Gonjeshke Darande claims it targeted Nobitex due to its alleged ties to the Iranian government and its role in circumventing international sanctions.

In a follow-up post on Wednesday, the group said it had burned $90 million across eight wallets, effectively removing the stolen funds from circulation.

12 hours ago
8 burn addresses burned $90M from the wallets of the regime's favorite sanctions violation tool, Nobitex.

12 hours from now
The source-code of Nobitex will be open to the public, and Nobitex’s walled garden will be without walls. Where do you want your assets to be?…

— Gonjeshke Darande (@GonjeshkeDarand) June 18, 2025

The breach took place amid heightened geopolitical tensions between Iran and Israel.

The hack occurred on the fifth day of open conflict, which included strategic missile strikes exchanged by both countries.

It also marks the largest cyber-related damage to Iran’s crypto sector since the beginning of its digital finance expansion.

Nobitex, for its part, stated on Thursday that no further losses had occurred and that it was working to restore services within five days.

The company cited internet instability inside Iran as a key challenge to its recovery timeline. CEO Amir Rad is expected to issue a video address to update users on the next steps.

In response to the hack, Iran’s central bank has introduced a curfew on domestic cryptocurrency exchanges, restricting operational hours to 10 a.m. to 8 p.m., according to data referenced by Chainalysis.

Crypto Market Bleeds $200B Amid Iran-Israel Conflict

The escalating conflict between Israel and Iran triggered a sharp dip in crypto market confidence, with sentiment dropping over 30% between June 12–15, according to Santiment.

This coincided with a 4–6% drop in Bitcoin’s price, erasing more than $200 billion in total crypto market value.

🇮🇱🇮🇷 The ongoing conflict between Israel & Iran has led to a visible increase in volatility across crypto. Sentiment data showed major bearish sentiment coming in between June 12th to 15th, in particular, coinciding with a 4–6% drop in Bitcoin's price and erasing over $200B from… pic.twitter.com/t1Qe7DlOCf

— Santiment (@santimentfeed) June 18, 2025

Despite the initial panic, Bitcoin has since stabilized around the $104K–$105K range. Analysts attribute this resilience to steady ETF inflows and the lack of further military escalation.

A similar pattern was observed during Russia’s invasion of Ukraine, where Bitcoin dipped briefly before recovering.

Geopolitical crises continue to influence crypto volatility, with Bitcoin often following a “drop then stabilize” cycle.

As tensions persist in the Middle East, markets may see further short-term price swings, though the long-term trajectory remains uncertain.