Iran’s Crypto Infrastructure Hit by Cyberattack and Curfew – Is a Full Collapse Coming?

The Israel-Iran conflict has heightened despite peace talks attempts, but new updates reveal that Iran has imposed a crypto curfew, displaying that the conditions are extreme. Renowned crypto sites like Chainalysis and others have confirmed the implementation of strict crypto operating hours in the country following the $100M cyberattack faced by a prominent exchange, Nobitex. Let’s discuss the details and what’s coming next.

After Nobitex Hack, Iran Crypto Exchange Curfew Hits Investors

Iran’s biggest crypto exchange, Nobitex, was hacked recently, losing roughly $100M of assets. The hacker group Gonjeshke Darande (Predatory Sparrow) took the credit for the hack and is allegedly linked to Israel. Notably, the incident is believed to be a political agenda and shaped the Iran crypto exchange curfew.

The hackers also made accusations that the exchange is involved in terror financing and supports sanctions evasion. Moreover, the hackers also advised investors against withdrawing their assets from the exchange before their further action.

Today, hackers have burned over $90M from hacked BTC, ETH, and DOGE, further clarifying that the hack wasn’t about profits but rather political. Additionally, they have released the exchange’s source code and sensitive data in public.

Amid this sensitive event, the Central Bank of Iran reportedly imposed strict operating hours for crypto exchanges. Now, the platforms could only be open between 10 a.m. and 8 p.m. despite the crypto market being active 24/7. Iran’s crypto exchange curfew aims to tighten oversight during active hours, limiting citizens’ cross-border crypto activity.

Moreover, to prevent capital flow outside of the country and off-hour exploits. However, experts believe this may not be the ideal result, as this could mitigate future attacks but cannot entirely prevent them.

Is Further Crypto Collapse Coming For Iran?

Past the Israel airstrike on Tehran, Iran, the crypto market has been witnessing significant turmoil. The heightened situation is firther worsening it. Not only is the impact limited to the countries involved in the attack, but the rest of the world is facing turmoil.

However, experts fear the series of cyberattacks will continue or even result in a revenge incident after the Nobitex hack. Besides, the Israel vs Iran crypto landscape could suffer significantly. Reports hint that Israel leads in crypto innovation and development strategies; Iran is still leading the race based on revenue anticipation. However, it is at risk amid the recent hack and exchange curfew.

Notably, there’s no guarantee that the infrastructure would collapse further. However, the crypto exchange curfew in Iran would impact the platform’s earnings and investors’ trading journey. Even the broader crypto market could feel the influence.