Hackers Burn $90 Million in Iranian Crypto Exchange Raid

Pro-Israel hacking group Predatory Sparrow crippled Iran’s largest cryptocurrency exchange, Nobitex, on Wednesday by draining and burning at least $90 million in assets to retaliate against the regime’s alleged terrorism financing.

Massive $90 Million Crypto Heist Discovered

In an official statement published on its website, Nobitex confirmed it detected unauthorized access targeting its internal infrastructure and hot wallet—the digital storage used for holding a portion of its users’ active cryptocurrency. Following the breach, the exchange suspended operations, stating that both its website and mobile application would remain offline for an indefinite period while security teams investigate the incident.

Public records indicate that the attackers successfully siphoned at least $90 million in digital assets across multiple transactions. However, rather than pocketing the loot, the attackers chose to permanently destroy the assets. Blockchain analytics firm Elliptic confirmed that the hackers “burned” the stolen funds by routing them to dead, inaccessible digital wallets, effectively wiping the multi-million-dollar fortune out of circulation.

This massive disruption directly impacts a massive user base. According to an archived copy of the platform’s homepage from last week, Nobitex serves more than 10 million registered customers in the region.

Who is Predatory Sparrow?

The pro-Israel hacktivist collective known as Predatory Sparrow (or “Gonjeshke Darande” in Farsi) quickly claimed responsibility for the devastating cyberattack. In a post on X, the group declared that it targeted Nobitex to disrupt the Iranian regime’s efforts to bypass international sanctions and fund global terrorism through decentralized assets.

The Nobitex raid was not an isolated incident. Just 24 hours prior, the same hacking collective claimed credit for infiltrating Iran’s state-owned Bank Sepah, triggering widespread outages across the nation’s ATM network.

Geopolitical Escalation in Cyberspace

These aggressive cyber maneuvers coincide with escalating military tensions and direct strikes between Israel and Iran. While the exact state-level backing of Predatory Sparrow remains unconfirmed since its emergence in 2021, the group has a documented history of launching destructive cyberattacks against Iranian state infrastructure and consistently operates in alignment with Israeli strategic interests.

Acknowledging the severity of the situation, Iranian state media outlet IRIB reported on Tuesday that Israel has initiated a massive cyber campaign targeting the country’s digital infrastructure, aimed at paralyzing essential public services amid the ongoing physical conflict.