Nobitex Exchange: A Review of Its Demise | Iran's Largest Crypto Exchange Suspected of Hacker Attack and Internet Disruption

1. Summary of Evaluation Conclusions

Nobitex, Iran's largest cryptocurrency exchange, suffered a severe hack in June 2025 , resulting in losses exceeding $100 million . The platform subsequently went offline and trading was suspended, with officials citing an "investigation into unauthorized access" as the reason, but no timeline for restoration was specified. This incident coincided with a nationwide internet blackout ordered by the Iranian government, raising questions about whether the exchange had "run away" or was a cover-up for its closure.

2. Platform Background Review

• Founded: 2017, positioned as the largest digital currency exchange in Iran;

• User scale: Hundreds of thousands of local users, accounting for approximately 70% of Iran's crypto market;

• Business scope: Provide transactions for mainstream currencies such as Bitcoin, Ethereum, Litecoin, and Dogecoin;

• Market status: It has long been regarded as an important channel for Iranian retail investors and off-market funds, and is even suspected of being used to circumvent international sanctions.

3. The Real Story of the Thunderbolt Incident

• June 18, 2025 : Reuters reports that Nobitex suffered a major attack, with approximately $90 million to $100 million lost [Reuters].

• June 19, 2025 : The New York Post revealed that a large-scale internet outage occurred across Iran at the time of the incident, exacerbating speculation that the platform had crashed and fled [NYPost].

• Lost currencies : Bitcoin, Ethereum, Dogecoin and other mainstream assets;

• Subsequent reaction : The platform has yet to publish a detailed security audit or recovery plan, and investor confidence continues to decline.

4. Signs of a scam/runaway model

1. Centralized custody of funds : User assets lack multi-signature protection and security mechanisms are overly centralized.

2. Information opacity : No public audit or on-chain address explanation was provided after the incident.

3. Suspicion of cover-up : Combined with the Internet disconnection measures, it has raised suspicions of "official collusion to cover up capital outflows."

4. User losses : Investors are generally unable to withdraw funds, and some funds may have been transferred to unknown wallets.

5. Risk Rating (BrokerHiveX Standard)

Overall rating: 0.8/10 (high risk of scam)

VI. Media and Community Evaluation

• Reuters : Reports indicate the loss amounted to $90 million, making it one of the largest cryptocurrency thefts in Iranian history.

• New York Post : Emphasizing that the Internet outage and the attack occurred almost at the same time, further exacerbated concerns.

• Community feedback : Users on social platforms complained about "frozen funds" and "complete inability to log in," completely losing trust in the platform.

7. Investor Precautions

1. Avoid continuing to use Nobitex , especially avoid topping up or relying on its services.

2. Preserve evidence : Export deposit and withdrawal records and related on-chain addresses as soon as possible for subsequent rights protection or legal prosecution.

3. Give priority to regulated platforms : such as Binance, Kraken, Coinbase, etc., which all have compliant custody and security audits.

4. Distribute funds : Avoid concentrating funds on a single exchange and use hardware wallets or multi-signature solutions for security.

8. Conclusion

The Nobitex exchange hack exposed multiple issues, including weak financial security, inadequate oversight, and a lack of transparency . Amidst a nationwide internet outage, its credibility has practically collapsed. Regardless of whether it resumes operations in the future, Nobitex has completely lost investor trust.

Final verdict: Nobitex is a high-risk exchange suspected of running away, so stay away from it.