Hacker Group Publishes Iran’s Nobitex Source Code – Coincu

The pro-Israel hacktivist group Gonjeshke Darande revealed on social media that it exposed the source code of Iran’s largest crypto exchange, Nobitex, putting $90 million at risk.

This breach highlights Nobitex’s vulnerability, leading the exchange to promise reimbursement to users and intensifying security concerns among its community.

User Trust Shaken as Nobitex Promises $90 Million Reimbursement

Gonjeshke Darande attributed the attack to political motives, declaring Nobitex a financial tool for Iran’s regime, releasing the exchange’s full source code and user asset data. Nobitex’s acknowledgment of the incident revealed that its hot wallets were compromised, though cold storage assets remain secure.

The exchange ensured that affected users would be reimbursed using insurance funds and platform reserves. This action stems from the group’s decision to drain assets into derogatory-themed addresses linked to Iran’s military, stressing an ideological stance over financial gain.

“Cyberattacks are the result of Nobitex being a key regime tool for financing terrorism and violating sanctions.” – Predatory Sparrow (Gonjeshke Darande), Pro-Israel Hacktivist Group, Social Media Statement

The Iranian crypto community is concerned, feeling the effects of reduced trust in domestic exchanges. Nobitex’s temporary cessation of services during investigations further exacerbates user anxiety, with many withdrawing funds and doubting platform safety.

Market Data and Insights

Did you know? Gonjeshke Darande’s cyber intrusions reflect a history of targeting Iranian infrastructure, reminiscent of similar large-scale hacks like Mt. Gox, which severely tested the affected platforms’ resilience and user trust.

According to CoinMarketCap, Ethereum (ETH) trades at $2,511.16, with a market cap of $303.15 billion, and a 24-hour volume of $12.72 billion. The price shows a 0.66% decrease over 24 hours and a 26.96% increase over 90 days, indicating notable volatility.

Coincu’s research suggests that Nobitex’s robust insurance buffer and rapid response may mitigate longer-term user distrust, highlighting the importance of transparency in crisis management as the industry grapples with rising cyber threats.