Nobitex is gradually restoring services after the $90M incident

Following a security crisis linked to pro-Israel hackers, Iran’s largest cryptocurrency exchange, Nobitex, is attempting to restore its services and offerings to its users.

Nobitex is navigating the aftermath of what is widely viewed as one of the most significant crypto disruptions in Iran’s recent history. The exchange is under pressure to complete wallet restoration and secure its users’ assets.

Follow- up on Nobitex Security Incident, Step-by-step wallet access has begun, 29 June 2025

Please note:

1. This process is being carried out gradually, starting with verified users and initially for spot wallets, followed by other types of wallets.

2. The identity…

— Nobitex | نوبیتکس (@nobitexmarket) June 29, 2025

Nobitex is gradually restoring services

Iran’s largest cryptocurrency exchange, Nobitex, has started restoring limited user access to accounts after the hack that cost it an estimated $90M in collateral damage.

“Step-by-step wallet access has begun,” the Iranian exchange confirmed on Saturday, emphasizing that the rollout will proceed cautiously to maintain security and system integrity.

The platform also stressed that the identity verification process is a mandatory step for all users seeking to access their wallets. Until verification is completed, users may not be able to see their wallet balances or use the exchange’s trading, deposit, or withdrawal services.

The Nobitex team stated that balance visibility will be introduced in phases, depending on the progress of their security checks and user identity verification. The mid-week completion timeline may also be adjusted.

“We are working to resume withdrawal, deposit, and trading services for verified users with minimal delay,” the Nobitex Communications Team said in its official statement.

Users still have security concerns

Nobitex’s effort at recovery follows a major security crisis earlier this month. Although Nobitex has not yet publicly disclosed the full extent of the breach, multiple industry sources have predicted that the company lost a shocking $90M in potential damages, including frozen user funds, loss of trading capacity, and the technical setbacks the company will face during the platform’s migration and verification overhaul.

As part of its recovery and migration efforts, Nobitex has implemented a comprehensive wallet system update. The exchange has strongly advised its users not to send funds to their old deposit addresses, warning that any transactions to previously used wallet addresses may lead to irreversible losses.

All users, and especially those who had automated systems like mining rigs or preset withdrawal configurations, are expected to hold off making any transfers until new, verified wallet addresses are issued.

“Due to the wallet system migration, previous addresses are no longer valid, and any deposits made to them may result in loss of funds,” Nobitex wrote.

This precautionary measure is aimed at preventing further disruption, especially as Nobitex is currently attempting to rebuild trust among its user base in the wake of the incident.

Nobitex’s customer support is still active through the company’s live chat and phone lines. However, the company stated that the ongoing crisis and the complex re-verification steps could result in slow responses and potential delays in support resolutions.

So far, the company has been transparent about its restoration efforts and has issued multiple updates on social media and in-app notices. Its June 29 post also thanked users for their patience and pledged to uphold safety and data integrity as the platform returns online.

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