An Israel-linked hacking group dubbed “Predatory Sparrow” claimed responsibility for a cyber strike against Iran’s largest cryptocurrency exchange, Nobitex—destroying around $90 million in digital assets in what analysts describe as a politically motivated attack amid escalating tensions.
At a Glance
- Hackers stole and destroyed nearly $90 million in Bitcoin, Ethereum, and other crypto from Nobitex
- Assets were sent to “burn” addresses embedded with anti-IRGC messages
- The same group also disrupted Iran’s Bank Sepah one day earlier
- Blockchain forensics link Nobitex to IRGC and Hamas funding activity
- Attack highlights growing use of cyber operations in the Israel-Iran conflict
Digital Warfare, Not Finance
This was no ordinary theft for profit. According to NBC News, Predatory Sparrow transferred the stolen crypto to addresses where the coins are rendered unusable—publicly burning the assets to deliver a message. Anti-IRGC slogans were included in the wallet signatures, showing this was designed as a public, reputational blow to Iran’s government-linked financial operations.
Watch: How Predatory Sparrow crippled Iran’s crypto exchange
Coordinated Cyber Assault
The Nobitex attack came just one day after Predatory Sparrow disrupted Iran’s Bank Sepah, knocking out ATMs and digital services, as reported by Wired. Analysts say these strikes are part of a wider cyber campaign linked to Israeli efforts to degrade Iran’s financial networks following Tehran’s recent missile salvos toward Israel.
Blockchain analytics by Elliptic confirm that Nobitex has handled transactions for Iran’s Islamic Revolutionary Guard Corps (IRGC), Hamas, and Yemen’s Houthi rebels—providing a key platform for sanctions evasion and covert funding.
New Front in Cyber Conflict
As Reuters reports, U.S. lawmakers had previously flagged Nobitex’s role in Iran’s shadow finance networks, with Senators Warren and King raising alarms about crypto enabling Tehran to bypass global sanctions.
This latest attack shows how cyber tools are now being used not just for espionage or temporary disruption—but for permanent economic damage. The destruction of crypto funds weaponizes blockchain itself, escalating digital conflict into the financial sphere.
Predatory Sparrow’s operation is a stark warning that in today’s geopolitical rivalries, no financial platform is safe from cyber warfare.
