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Iran Imposes Crypto Trading Curfew After $100M Nobitex Hack
- Iran's Central Bank has imposed a 'crypto curfew' from 10 AM to 8 PM for all digital asset trading platforms following a $100 million cyberattack on Nobitex, Iran's largest cryptocurrency exchange.
- The cyberattack by the group Predatory Sparrow, allegedly connected to Israel, resulted in the destruction of around $90 million worth of cryptocurrency and revealed Nobitex's source code.
- Nobitex initially claimed the losses were due to a 'technical operation' before confirming the 'psychological attack' meant to undermine trust.
- Iran's Central Bank enacted the curfew to enhance oversight and security to prevent future nighttime attacks when staff may not be available.
- Despite assurances from Nobitex that funds are secure and efforts to recover data, the incident raises concerns over the safety and regulation of decentralized finance in Iran.
- The gradual recovery of normal trading on Nobitex, with added security measures, is expected over the next few days while industry experts anticipate regional cybersecurity reassessments.
- The ongoing investigation suggests a looming digital warfare challenge for Iranian authorities and crypto industry players as they navigate economic uncertainties and regulatory scrutiny.
- Iranian crypto users will adapt to the curfew regulation and a changing landscape in the digital finance sector post-Nobitex breach.
- The incident serves as a catalyst for discussions on innovation, security, and economic stability within Iran's evolving crypto ecosystem.
- The lasting impact of the Nobitex breach and government responses will shape the future landscape of digital assets in Iran and potentially neighboring regions.
- Always conduct thorough research before engaging in cryptocurrency transactions or investments, as emphasized by this report.
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