Nobitex Crypto Exchange Begins Gradual Recovery for Verified Users

Nobitex Crypto Exchange, has officially begun restoring wallet access. After suffering a massive $90 million hack earlier this month. It is the larget cryptocurrency platform in Iran. In a new update posted on X (formerly Twitter), they confirmed that wallet access has now started for verified users. They will begin with spot wallets. The reopening process will continue in phases as the platform works to regain user trust and restore its services.

Source: Nobitex X Handle

Identity Verification Now a Must

As part of the recovery steps, Nobitex crypto exchange has made identity verification mandatory for accessing wallets. The process started two days ago and is now a key requirement for unlocking user accounts. Spot wallets are being prioritized, while other wallets will be accessible once full verification is completed.

If a user’s wallet balance is not yet visible, the organisation urges patience, stating the information will be released in phases after all details are confirmed secure. The platform aims to wind up the verification and access process by mid-week.  Delays may occur due to added security checks.

Withdrawal, Deposit, and Trading to Resume

Nobitex crypto exchange is also preparing to resume withdrawal, deposit, and trading services for verified users. These functions will return in steps, ensuring that users who meet the security checks can operate their accounts safely. The team is working hard to keep delays minimal and avoid any additional disruption to user activity.

Users are Advised

Importantly, the Nobitex crypto exchange warned all users not to use their old wallet addresses. As part of a full system migration, old addresses are now invalid.

Any cryptocurrency sent to them could be permanently lost. Communite members are advised to remove saved old addresses from mining rigs or apps and wait for new ones to be issued by the platform.

The Cyberattack That Shook Iran’s Digital Asset's Market

This recovery follows the Nobitex Crypto Exchange suffering a massive cyberattack in early June, with hackers making off with some $90 million in digital currencies from Bitcoin, Dogecoin, and other tokens.

The hacking was conducted by Gonjeshke Darande, a recognized anti-Iranian hacktivist collective suspected of having Israel connections. It was during the ongoing tensions between Iran and Israel war .

The community alleged that the platform was assisting the Iranian government in evading sanctions from the U.S. and even financing terror. In protest, they destroyed the stolen cryptocurrency by forwarding it to burn addresses with insulting anti-IRGC messages.

This was followed by Iran issuing an emergency crypto exchange curfew restricting trading hours. It also includes imposing stricter regulations to avoid the recurrence of such incidents. Among new rules were daily withdrawal caps, enhanced KYC requirements, and routine audits for all exchanges.

Nobitex’s Role in Iran’s Crypto Economy

Nobitex crypto exchange is not just a regular platform in Iran, it serves over 10 million users and has processed more than $11 billion in cryptocurrency transactions. It’s often used by citizens to send funds abroad, fight inflation, and avoid financial sanctions. Reports say that working for the organisation is seen by some as equal to serving the country.

With the platform down, many users were locked out and uncertain about the safety of their funds. The stolen funds were declared unrecoverable. They moved the remaining assets to cold storage. Also activated a reserve fund to cover any potential losses.

What’s Next for Nobitex?

Nobitex Crypto Exchange got back into business with limited activity but the damage has already been done. The exchange has not clarified yet whether they will fully reimburse the affected users. They have also not provided how much user data is compromised because of the hack.

Up to date, wallet balances can be viewed by verified user only, and the support of trading is yet to be restored completely.