Nobitex is currently only accessible to verified users, as the company confirmed. Yet, key services such as withdrawals, deposits, and trading are still on hold. Earlier, Nobitex indicated it would resume withdrawal services by June 30, however, the timeline is subject to change.

Along with the financial damage, Gonjeshke Darande also claimed to have shared parts of the platform’s source code, amplifying the harm to Nobitex. Speculations by TRM Labs suggest that Israel could have utilized the stolen data from Nobitex to apprehend Iranian agents within Israel who were receiving payments in cryptocurrency.

As a response to the compromise, Nobitex announced the migration of users’ wallets, making deposits to existing wallets invalid. The exchange significantly exceeds its Iranian counterparts in terms of total inflows, boasting $11 billion compared to the $7.5 billion combined of the next ten largest exchanges, as per Chainalysis.

The research firm has associated Nobitex with a variety of illicit actors, including ransomware operators affiliated with the Islamic Revolutionary Guard Corps (IRGC) and sanctioned Russian crypto exchanges. Cryptocurrency usage in Iran, like in Russia, is frequently linked with evasion of global monetary sanctions.

Amir Rad, CEO of Nobitex, stated that the investigation into the breach implied Israeli government involvement, while maintaining that Nobitex operates as a private entity without any ties to the Iranian state or military.

Disclaimer: This article is for informational use only and does not constitute legal, tax, investment, financial, or other advice.

The post Nobitex, Iran’s Premier Crypto Exchange, Begins Recovery Process After a $90 Million Hacking Incident appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

The report drew attention to the arrests of three individuals in Israel, allegedly engaged in espionage activities for Iran, which involved surveillance, propaganda, and intelligence collection. The intriguing aspect of this case is that the alleged operatives were remunerated using digital assets, a rarely seen method of payment in state-sponsored espionage.

“Digital assets enable cross-border transactions without the need for traditional banking systems, which makes them an ideal tool for covert operations,” TRM Labs stated in their report.

One of the suspects, 28-year-old Dmitri Cohen, was purportedly paid $500 in cryptocurrency for each completed task by Iranian intelligence services. TRM Labs pointed out that these arrests occurred shortly after Nobitex, Iran’s largest crypto exchange, was hacked.

Despite no official confirmation of a connection between the hack and the arrests from Israeli authorities, TRM Labs suggests a potential correlation based on the timing and tactical profile.

The Nobitex hack occurred on June 18, where hot wallets across several networks were emptied, resulting in over $90 million in cryptocurrency asset losses. Notably, the pro-Israeli hacker group Gonjeshke Darande claimed responsibility for this cyber attack.

The group has a history of disrupting and collecting intelligence from Iranian-affiliated platforms. According to TRM Labs, the sequence of events, including Israeli strikes, the Nobitex breach, and the arrests, raises the potential that Israeli cyber units may have exploited the Nobitex data for intelligence purposes.

While direct public evidence linking the Nobitex breach to the espionage investigations is lacking, TRM Labs suggests that the theory aligns with known tactics used by Israeli cyber defense teams and Gonjeshke Darande’s operational history.

At the time of the hack, onchain analytics platform Chainalysis identified Nobitex as a critical player in Iran’s sanctioned crypto space, with numerous ties to illicit activities.

“Nobitex’s role goes beyond being a local exchange; it serves as a vital hub within Iran’s heavily sanctioned crypto ecosystem, providing access to global markets for users isolated from traditional finance,” Chainalysis report stated.

Previous onchain investigations have linked Nobitex to nefarious actors, including ransomware operators affiliated with the IRGC and sanctioned Russian crypto exchanges.

The post Israeli Cyber Units Potentially Involved in $90 Million Nobitex Hack for Espionage, Suggests TRM Labs appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

With the crypto market feeling the pressure due to aggressive Federal Reserve projections and ongoing geopolitical issues, a market rally could still be on the cards for the latter half of the year, provided interest rates are cut and geopolitical risks diminish.

On the regulatory front, the Senate’s approval of the GENIUS Act signals the first significant cryptocurrency legislation to pass through the chamber, establishing federal rules for stablecoins linked to the U.S. dollar. This Act, backed by former President Trump’s administration, is designed to strengthen the U.S. dollar’s position by requiring stablecoins to be fully supported by dollars or other highly liquid assets, necessitating annual audits for issuers with market caps over $50 billion, and setting up guidelines for foreign issuance.

Non-financial tech companies like Meta and Amazon would be barred from issuing stablecoins unless they meet stringent risk and privacy standards. Stablecoin holders would be granted “super-priority” in bankruptcy cases, thus being the first to recover funds if an issuer were to collapse. The legislation now moves to the House for further deliberation.

K33 Research’s Vetle Lunde suggests that newly approved spot altcoin ETFs could present a compelling long Solana/short Litecoin opportunity, known as the “Grayscale effect”.

In other news, Iranian crypto exchange Nobitex was apparently compromised by a pro-Israel hacker group, leading to over $80 million in suspicious outflows. Meanwhile, Polygon’s co-founder has launched an independent zero-knowledge project called ZisK.

Lastly, the increasing use of cryptocurrencies in modern divorce cases is leading to a rise in disputes, with sudden tech interest and unexplained cash withdrawals being possible red flags of hidden assets, according to Christopher R. Castellano, a principal at Joseph, Greenwald & Laake.

The post US Senate Approves GENIUS Stablecoin Legislation, K33 Forecasts Lucrative SOL/LTC ETF Play & Other Daily Crypto Updates appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

It is alleged that the attackers drained at least $73 million from assets within the Tron network and Ethereum Virtual Machine (EVM)-compatible blockchains. However, only a segment of this amount has been confirmed as lost so far.

ZachXBT identified the attackers’ use of a “vanity address” to breach the protocol, leading to “suspicious outflows” from numerous wallets linked to Nobitex. A vanity address is a public wallet address that features a specific sequence of characters chosen by the user.

The first theft of $49 million was reportedly conducted through the address “TKFuckiRGCTerroristsNoBiTEXy2r7mNX.” The second address employed was “0xffFFfFFffFFffFfFffFFfFfFfFFFFfFfFFFFDead,” as per Tronscan.

The security breach contributes to the rising tally of crypto industry hacks in 2025. As reported by blockchain security firm CertiK, digital assets worth more than $2.1 billion have been stolen in this year alone. Hackers have now diversified their strategies from exploiting blockchain infrastructure to capitalizing on human weaknesses, says Ronghui Gu, co-founder of CertiK.

Gu explained during the Chain Reaction daily X spaces show on June 2, “The majority of this $2.1 billion was caused by wallet compromises, key mismanagement and operational issues.”

In schemes like address poisoning, hackers don’t need to employ any technical hacking techniques. Rather, they manipulate victims into transferring assets to fraudulent wallet addresses.

This is an ongoing story and will be updated as more details become available.

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