blockchain unconfirmed transaction|In This ArticleNot Just a Hack, But a StatementNot the First Attack, and Probably Not the LastWhy Th

Iran’s biggest crypto exchange just got hit with one of the most unusual hacks in recent memory. A group called Predatory Sparrow, reportedly linked to pro-Israel operatives, drained nearly $90 million from Nobitex on Wednesday. But instead of cashing out, the hackers sent the funds to wallets no one can access. That means the money is gone, burned, making the heist feel more like a political statement than a payday. Iranian officials have yet to comment on the breach, but the move is already being framed as a blow to the country’s crypto-dependent operations.

Not Just a Hack, But a Statement

Blockchain watchers like Elliptic and TRM Labs tracked the stolen Bitcoin, Ethereum, and Dogecoin to wallets that were loaded with anti-Iran messages. These weren’t ransom addresses or cold storage. They were essentially digital black holes. Whoever pulled this off wanted attention, not profits.

95% of assets on Iran’s Nobitex crypto exchange vanished after a hack by the Israeli-linked group “Predatory Sparrow.”

According to military reporter Doron Kadosh, Nobitex was used by Iran to bypass sanctions via crypto.

Foreign sources say wallet holdings dropped from $1.8… pic.twitter.com/84y4awcUcj

— Clash Report (@clashreport) June 18, 2025

Nobitex has remained tight-lipped, only confirming it is investigating. But the exchange’s known links to Iran’s Revolutionary Guard Corps are fueling theories that this was a direct hit on one of the country’s backdoor financial pipelines. Nobitex serves over 7 million users and has long faced allegations of helping Iran sidestep sanctions.

Not the First Attack, and Probably Not the Last

This attack came on the heels of another breach targeting Iran’s Bank Sepah, a state-run lender with deep military ties. Predatory Sparrow has claimed both attacks. If the name sounds familiar, it’s the same group linked to previous cyber incidents that disrupted gas stations and caused fires at steel mills in Iran.

All of this is happening as tensions between Iran and Israel heat up again. Cyberattacks have become part of the modern battlefield, and experts say we’re likely to see more of this digital tit-for-tat. Since June 12, the volume of cyberattacks linked to this conflict has reportedly surged by over 700 percent.