Iranian Exchange Nobitex Resumes Operations Amid Security Concerns

By: Eva Baxter

The Iranian cryptocurrency exchange, Nobitex, has initiated the gradual restoration of its services following a significant security breach that resulted in the loss of approximately $90 million. This incident, attributed to a pro-Israel hacker group known as Gonjeshke Darande, has prompted the exchange to take cautious steps in re-establishing operations, specifically prioritizing verified accounts.

Nobitex has announced that users who have undergone identity verification will be the first to regain access to their digital wallets. This initial phase of recovery is focused on mitigating further risks by ensuring only secure and authenticated accounts can interact with the platform. The exchange issued a critical advisory to its users, urging them not to deposit cryptocurrencies into old wallets, as these could potentially lead to additional losses.

Among the assets affected by the hack were prominent cryptocurrencies, including Bitcoin, Dogecoin, and Tron. The targeted attack has highlighted the need for robust security measures within the cryptocurrency exchange sector. To this end, Nobitex is emphasizing Identity Verification (KYC) as a preventive step and reinforcing this protocol in its recovery strategy.

The incident has sparked discussions on the security frameworks employed by crypto exchanges and the measures that should be instituted to protect assets against sophisticated cyber threats. As Nobitex continues its recovery efforts, attention remains focused on how it will bolster its security policies to prevent future breaches and safeguard user trust.