Iran’s central bank has reportedly imposed strict 10 am–8 pm curfowl hours on domestic cryptocurrency exchanges following a reported $100 million hack of Nobitex, according to a Chainalysis report published Wednesday.

Geopolitical Context and Motivation

Andrew Fierman, Head of National Security Intelligence for Chainalysis, told Cointelegraph that the curfew likely aims to manage potential future attacks. “Incidents are easier to triage if they’re not happening in the middle of the night,” he stated.

Fierman also suggested the move reflects Iranian authorities’ desire for greater control over citizens during heightened geopolitical tensions. “This is especially the case during times where geopolitical tensions are high and capital flight from Iran is possible,” the analyst added.

A Detailed Look at the Nobitex Hack

Nobitex reported the hack occurred on Wednesday morning. The alleged perpetrators, identified as the pro-Israel group Gonjeshke Darande, infiltrated the exchange’s internal systems and drained its hot wallets.

Chainalysis estimated the attack resulted in losses exceeding $100 million, including various cryptocurrencies like Bitcoin (BTC), Ether (ETH), Dogecoin (DOGE), XRP and Solana (SOL).

“While hacks historically have almost always been for financial gain, this event stands out given the intent appears to have been politically motivated to take funds away from the regime,” Fierman explained.

The stolen assets were sent to burner addresses with no known private key access, rendering them permanently lost to the network (token burning).

Exchanges’ Immediate Response

Following the hack, Nobitex suspended external server access, citing an ongoing security incident response. In a statement, they confirmed the situation was “under control” and would be managed using the Nobitex Reserve Fund, which would cover the lost assets.

The exchange also warned users that restoring full access may take longer than usual due to ongoing security enhancements and potential internet disruptions.

Nobitex’s Strategic Importance

According to Chainalysis data, Nobitex handles significantly more trading volume than any other single Iranian exchange, with inflows exceeding $11 billion compared to the combined total of the next ten exchanges.

Described by Chainalysis as “a critical hub” in Iran’s sanctioned crypto ecosystem, Nobitex serves Iranian users seeking access to global markets while also being linked to organizations considered terrorist entities by Western standards, including Houthi rebels and sanctioned exchanges.