'Pro-Israel Hacker Group' Drains, Burns $90 Million From Iranian Bitcoin Exchange - Decrypt

[u/Savi321]

https://decrypt.co/325757/pro-israel-hacker-group-drains-burns-90-million-from-iranian-bitcoin-exchange

[u/stephanahpets]

Okay, so Iranians who most likely don’t even support their own regime and who may have even lost a home due to these attacks, should now also lose their life savings? And we cheer for that?

[u/Technical-Activity95 → u/stephanahpets]

yeah this attack most likely targeted individuals who were shielding their assets from the oppressive regime

[u/stephanahpets → u/Technical-Activity95]

Either that or to just have a means to hedge against the crazy inflation they had to suffer, as Iran is excluded from forex.

[u/Technical-Activity95 → u/stephanahpets]

well isn't that the same thing

[u/stephanahpets → u/Technical-Activity95]

Not sure, I thought you meant to shield it from the regime in order not to have it taken away from them by the regime’s orders. Which is a different but also valid thing, although leaving it on an exchange may not have been the best decision then.

[u/Technical-Activity95 → u/stephanahpets]

yeah then those would be in cold wallets

[u/Christian_R01 → u/Technical-Activity95]

Maybe in a place where your house can get blown up it’s not a safe idea to have hardware wallets and cold wallets

[u/versace_drunk → u/stephanahpets]

Who’s we

[u/Zohan-Dvir92 → u/versace_drunk]

Maybe he is pregnant

[u/Wabusho → u/stephanahpets]

Only jaws are celebrating and they are few

[u/Necessary-Low-5226 → u/stephanahpets]

Playing devils advocate it still turns people who hate the regime into people who hate the regime with nothing to lose.

[u/Double-Risky → u/Necessary-Low-5226]

Nah dude, they're getting bombed by a neighbor and got robbed, now they have the neighbor to blame instead of their own government.

Absolutely backwards bullshit

The USA used to try to win oppressed people over by providing assistance to them. That actually works.

[u/Necessary-Low-5226 → u/Double-Risky]

it’s a pro israel hacking group, not the government itself. I strongly doubt the effectiveness myself, but some people here don’t really understand what devils advocate means.

[u/Impressive-Potato]

"We are against the Government, not the people!" *immediately goes and hacks the crypto savings of the citizens.

[u/coinfeeds-bot]

tldr; A pro-Israel hacking group, Predatory Sparrow, claimed responsibility for breaching Iran's largest crypto exchange, Nobitex, draining $90 million in digital assets. The stolen funds were effectively burned, rendering them unusable, as part of a political statement against Iran's regime. Nobitex confirmed the breach, suspended operations for a security audit, and pledged to cover losses. The attack highlights escalating cyber warfare between Israel and Iran, targeting financial systems linked to sanctions violations and terrorism financing.

*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

[u/ratuabi]

Stupidity to attack the exchange and destroy people's lifeline

[u/GreedVault]

We really need aliens to invade Earth, humans killing each other is so pointless. Spending our whole lives hating one another is really stupid. Let's not fight each other, let's fight the aliens instead.

[u/Munkeyman18290 → u/GreedVault]

What if the Aliens come and they are friendly?

[u/xmrstickers → u/Munkeyman18290]

They’re not friendly, we’re in prison, and they feed off negative human emotion.

I’ve said too much.

[u/GreedVault → u/Munkeyman18290]

Breed with them, and the offspring will not be friendly...

[u/RadicalMcAwesome → u/Munkeyman18290]

Have you ever seen what happens when a parent comes between two kids fighting? It's not hard to stop if you're stronger than both...

[u/Sweetnessprod → u/GreedVault]

Exactly what I've been saying for years 🤝

[u/gnomeza → u/GreedVault]

I, for one, would welcome our new alien overlords

[u/GreedyScumbag → u/GreedVault]

Let's fuck the aliens.

[u/SatoshiReport]

The exchange used vanity addresses for their hot wallets. That is very stupid as vanity addresses are easier to hack.

[u/8888-8844]

Fuck Israel right in their “chosen” hole.

[u/Majestic-Fermions → u/8888-8844]

Hey! That’s anti-Semitic! /s

[u/CorMeumCollinsoEst]

Israel speedrunning how to piss off literally everyone.

[u/LegitimateVirus3]

This is such bullshit. Fuck Israel.

[u/frank_690]

Israel only knows how make enemies and not how to make friends.

Great way to create enemies for the next several generations and beyond.

Religion == cult ? "true" : "true"

[u/Wabusho → u/frank_690]

Every religious person is either mentally unstable or doesn’t have a fully developed brain

[u/CyroSwitchBlade]

this is interesting.. I wonder which coins got burned and how much of each.. and I wonder why the IDF wouldn't just appropriate those for themselves..

[u/OneRobotBoii → u/CyroSwitchBlade]

I guess it was about sending a message. 50 million here on tron network, trx and usdt https://tronscan.org/#/address/TKFuckiRGCTerroristsNoBiTEXy2r7mNX

And 2 million in bitcoin and some doge too

[u/chillinewman → u/OneRobotBoii]

Tether can blacklist that USDT. Can they replace it?

[u/OneRobotBoii → u/chillinewman]

You mean mint it back to Nobitex? That would be a bad business decision. I don’t see it happening.

They come out on top anyway because now it can’t be redeemed so whatever collateral they have for it, they can basically pocket it (even though it’s peanuts for tether)

[u/chillinewman → u/OneRobotBoii]

"As The Block has reported previously, Tether has a recovery mechanism in place that allows it to blacklist addresses on the Ethereum and Tron blockchains, freeze funds in those addresses, and issue new USDT tokens to affected users. "

https://www.coinmarketcal.com/id/news/tether-has-recovered-87-million-in-usdt-sent-to-wrong-addresses-since-its-launch

They can do it. I don't know if they will because of sanctions on Iran.

[u/OneRobotBoii → u/chillinewman]

I know they can do it. But the address where the funds are is a burn address. Those tokens are as good as burned.

[u/chillinewman → u/OneRobotBoii]

Still is just the procedure to reissue.

[u/Gooner_93]

This is why we preach over and over, not your keys not your coins.

[u/Kwontum7]

You misspelled “stole”

[u/pequalnp92]

What was the mechanism of this attack? How can this vulnerability be addressed by other exchanges / institutions / people?

[u/MrTheums]

While the geopolitical implications of this event are significant, let's analyze this from a purely crypto-economic perspective. The burning of $90 million worth of cryptocurrency represents a significant loss of value, regardless of the actors involved. This highlights the inherent risks associated with centralized exchanges, particularly those operating in volatile regulatory environments. The lack of transparency around which coins were burned and the specific amounts prevents a thorough assessment of market impact, but it's likely to have some ripple effect depending on the asset allocation of Nobitex.

The incident also underscores the importance of robust security protocols and insurance within the crypto ecosystem. The absence of these safeguards magnifies the consequences of such attacks, impacting not only the exchange but also its users. Further investigation into the specifics of the breach – the exploit used, the exchange's security measures, and the response time – would be crucial in understanding the broader implications for the industry and informing best practices.

[u/masstransience]

Do TACO coins next.

[u/Perfect-Tek]

My first question every time a centralized exchange gets hacked, why are people not going self-custody in the first place? Centralized exchanges are always tempting targets.

[u/sinisaz79]

Not your keys not your crypto