Israel-Iran War Enters Stalemate, Iranian TV Promises Century-Defining Surprise Tonight
Recently, Iran’s Bank Sepah has encountered a cyber attack, resulting in online service disruptions and data destruction. The Iranian centralized cryptocurrency exchange Nobitex has also been hacked, with losses exceeding $81.5 million. The Israeli-linked hacker group Gonjeshke Darande has claimed responsibility for both attacks. This raises questions about how much cryptocurrency can serve as a hedge for Taiwan, which also faces information warfare crises.
Israeli Hackers Gonjeshke Darande Paralyze Iranian Banking System
According to reports from the Israeli Times, Bank Sepah, Iran’s first bank, suffered a cyber attack on Tuesday, causing disruptions in online services and data destruction. The semi-official Fars News Agency indicated that some gas stations relying on the Sepah system for transactions were experiencing issues. Although a spokesperson for Iran’s central bank assured the state-run Islamic Republic News Agency (IRNA) that all banking operations were functioning smoothly, opposition media outlet Iran International reported that several branches of Bank Sepah were closed on Tuesday, leaving customers unable to access their accounts.
The Israeli hacker group Gonjeshke Darande (meaning “Predatory Sparrow”) admitted to launching the cyber attack, stating on Twitter: “Bank Sepah is an institution that evades international sanctions, using the money of the Iranian people to fund terrorist proxies, ballistic missile programs, and military nuclear plans.” The statement further said, “Thanks to the brave Iranian people for helping to realize this operation.”
Reports indicate that due to long-term Western sanctions, Iran has struggled to access the latest hardware and software, relying on electronic products made in China or outdated systems that no longer receive patches from manufacturers. This has made Iran a prime target for hackers.
Nobitex Exchange Hacked for Over $81.5 Million
On the afternoon of the 18th Taiwan time, Iranian centralized exchange Nobitex acknowledged it had been hacked. The statement indicated that the exchange’s technical team detected unauthorized transactions in some hot wallets; however, this only affected a portion of the hot wallet assets. Nobitex took full responsibility for the incident and assured users that all losses would be compensated. The website and application are temporarily unavailable until a comprehensive review is completed.
On-chain detective ZachXBT also stated on his personal channel that the amount stolen from Nobitex reached $81.7 million, with hackers holding assets on both the Tron chain and EVM systems.
Gonjeshke Darande also admitted to orchestrating the attack, asserting that Nobitex is core to the Iranian regime’s funding of global terrorist activities, using centralized exchanges to evade international sanctions. Nobitex has openly acknowledged its evasion of international sanctions on its website. Due to the regime’s high dependence on it, working at Nobitex is even considered an alternative to military service in Iran. The group threatened to release Nobitex’s source code and internal information within 24 hours.
Information Warfare as a Modern Battlefield: Can Holding Cryptocurrency Serve as a Hedge?
The nature of modern warfare has changed significantly; it is not just about weapons on land, sea, and air, but also includes information warfare in cyberspace. Research by the Ministry of Defense highlights how the U.S. military used information warfare to attack and paralyze the command systems of the Iraqi army during the Gulf War, leaving the Iraqi forces in a state of confusion and paralysis from the very first day of the conflict.
In Taiwan, facing similar pressures of war, many people hold cryptocurrency as a hedge against asset risks. However, the Nobitex incident illustrates that centralized exchanges during wartime can become targets for enemy hackers. Thus, highly centralized exchanges may pose certain risks. If risks can be diversified, using a fully self-controlled self-custody wallet to manage a portion of assets could highlight the protective features of blockchain technology for asset security.
Risk Warning
Investing in cryptocurrencies carries a high level of risk, as their prices may fluctuate dramatically, and you may lose all your principal. Please assess the risks cautiously.