Hackers say they wiped out $90 million from Iran cryptocurrency exchange

Tehran, June 19, 2025 — In a dramatic cybercrime development that has sent shockwaves across the digital currency ecosystem, a group of hackers has claimed responsibility for siphoning off approximately $90 million in digital assets from BitNardex, a major cryptocurrency exchange based in Iran. The attackers, who appear to be politically motivated, announced the breach via a darknet forum, citing alleged ties between the platform and the Iranian regime.

A Breach Unveiled: Hackers Taunt with Proof

Late on Tuesday, a post surfaced on an underground hacking forum that included wallet addresses, transaction hashes, and partial customer data. Blockchain analysis firm CipherTrace has since confirmed that multiple large transactions matching the claimed sum were routed through mixers and privacy coins—classic tactics to obfuscate the origins of stolen funds.

The hackers, calling themselves “DarkCowl,” stated:

“This is not just a hack, it's a reckoning. BitNardex has served as a laundering tool for those who suppress freedom. We’re returning power to the people.”

Iran's Crypto Ecosystem in the Crosshairs

While the Iranian government has not formally commented on the incident, several Tehran-based blockchain startups have acknowledged a noticeable disruption in transaction volumes and asset flows. Iran has leaned heavily on cryptocurrency exchanges as part of its strategy to circumvent international sanctions, particularly for cross-border trade settlements using Bitcoin and Tether (USDT).

“This event threatens the fragile trust among Iranian crypto users. Many already operate in a grey legal zone, and this kind of breach pushes them further into uncertainty,” said Ali Rezaei, a crypto analyst at Tehran-based fintech advisory firm ParsChain.

BitNardex: From Pride to Panic

Founded in 2020, BitNardex quickly rose to prominence, especially among young Iranians looking to hedge against rampant inflation and a depreciating rial. The platform boasted more than 400,000 active users and handled daily volumes exceeding $25 million.

As of Wednesday morning, the exchange’s website was down, its mobile application non-functional, and its social media handles silent. An internal memo reportedly leaked to local media suggests that senior leadership may have fled the country amid fears of legal consequences.

Tracing the Trail: What Blockchain Reveals

Independent blockchain sleuths, including members of the Telegram-based group “IranCryptoWatch,” have been instrumental in tracking the heist in real-time. According to data compiled by WhaleAlert, the stolen funds were moved in a series of transactions beginning June 17, passing through decentralized exchanges (DEXs) like Uniswap and anonymized through protocols such as Tornado Cash.

“The use of advanced laundering techniques suggests a high degree of sophistication,” said Maya Al-Khaled, Middle East regional director for Chainalysis. “This wasn’t an amateur operation—it was orchestrated with military precision.”

Global Implications: Sanctions, Surveillance, and Cyberwarfare

Cybersecurity experts believe this may not just be a financial heist but a geopolitical maneuver. With increasing tensions between Iran and Western nations over cyberespionage, some analysts see the hack as a retaliatory measure by a non-state actor.

“There is growing speculation that state-sponsored cyber mercenaries may be behind this, possibly as a form of economic sabotage,” stated Dr. Karim El-Tayeb, a cybersecurity professor at the American University of Beirut. “The motivation here isn't just money—it’s destabilization.”

Investor Outlook: A Wake-Up Call for Crypto Security

This incident has renewed concerns about the vulnerability of centralized crypto exchanges, particularly in jurisdictions with weak regulatory oversight. Global crypto markets have remained stable so far, with Bitcoin trading near $64,000 and Ethereum hovering at $3,450, but regional exchanges in the Middle East have seen minor outflows amid safety concerns.

For investors, the message is clear: decentralization doesn’t equal invulnerability. The need for stronger security protocols, mandatory insurance schemes, and multi-layered audits is more pressing than ever.

What’s Next: Regulatory Crackdowns and Risk Mitigation

While Iran lacks a well-defined regulatory framework for crypto trading, this incident may prompt swift action. Lawmakers are reportedly reviewing proposals for tighter KYC (Know Your Customer) and AML (Anti-Money Laundering) enforcement. Meanwhile, international watchdogs like the FATF (Financial Action Task Force) may press Iran to implement stricter monitoring mechanisms.

“This breach could be a turning point for crypto regulation in Iran,” said Negar Rostami, head of compliance at Paymaan Technologies. “Without swift reforms, both users and the nation’s economic interests remain at risk.”

The Future of Iranian Crypto Hangs in the Balance

The $90 million cyber heist has exposed the fragility of Iran’s crypto infrastructure, rattled investors, and intensified scrutiny over digital finance in sanctioned economies. Whether this becomes a catalyst for reform or accelerates the migration of users to underground markets remains to be seen.

For now, the silence of BitNardex speaks louder than any press release. And for thousands of Iranian users, the question remains: Will they ever see their money again?