Iranian Crypto Exchange Begins Wallet Restoration After $90M Hack

The Iranian cryptocurrency exchange Nobitex has begun a phased resumption of user wallet access following a significant hack that resulted in the loss of over $90 million.

Focus on Spot Wallets

The recently hacked Iranian cryptocurrency exchange, Nobitex, has begun a phased resumption of user wallet access following the incident. The move marks a key step toward full service restoration after the platform was targeted for over $90 million on June 18.

In a statement shared via X on June 29, Nobitex said wallet access reinstatement is proceeding gradually, prioritizing verified users and initially focusing on spot wallets. Other wallet types will follow in subsequent phases. A mandatory identity verification process, which began two days prior to the announcement, is a prerequisite for all users seeking to regain access to their funds, the statement added.

Nobitex stated that wallet balances will be displayed in phases once the accuracy and security of all user information are confirmed. Users unable to view their balances are advised to wait for their account verification to be finalized, with the process expected to be completed by mid-week. However, the exchange cautioned that this timeline is subject to change based on technical conditions and the need for additional security checks.

The announcement from the Iranian exchange came more than a week after it lost over $90 million in digital assets to a hacker group known as Gonjeshke Darande (or Predatory Sparrow in English). The attack occurred during the Israel-Iran conflict.

As reported by Bitcoin.com News, the hacker targeted the exchange because of its alleged ties to the Iranian authorities. Instead of cashing out the funds, Gonjeshke Darande sent the digital assets to an unspendable vanity address, a move which one report said underscores how such attacks are becoming “a covert instrument in geopolitical conflicts.”

Meanwhile, Nobitex advised users against depositing cryptocurrency to old wallet addresses as these are no longer valid. It warned that funds deposited to these outdated addresses may be permanently lost. The exchange, however, said it remains available via live chat and phone calls to assist users through this transition.