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Israeli Hackers Claim $81M Iranian Crypto Exchange Attack

by Ouess
written by Ouess

Iran’s largest cryptocurrency exchange, Nobitex, has been hacked for over $81 million in digital assets. The attack comes amid escalating tensions between Israel and Iran, with hacker group Gonjeshke Darande (Predatory Sparrow) taking credit.

How the Hack Unfolded

  • Attack method: Exploited “vanity address” vulnerability
  • Stolen funds:
    • $49M through primary attacker address
    • Remaining $32M+ across Tron & EVM chains
  • Exchange response:
    • Suspended access immediately
    • Claims user assets in cold storage remain safe

Hackers’ Motive: Sanctions Evasion Claims

The attackers allege Nobitex helped Iran bypass international sanctions, stating:

“Nobitex is a key regime tool for financing terrorism and violating sanctions… Take action before it’s too late.”

They threatened to release internal data within 24 hours, warning users to withdraw funds.

Geopolitical Context

  • Comes amid Israel-Iran tensions
  • Follows Trump’s denial of mediating peace talks
  • Raises questions about crypto’s role in geopolitical conflicts
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Bybit Hack: Over $1.46B in Ethereum Stolen

by Ouess
written by Ouess

Bybit, one of the world’s largest cryptocurrency exchanges, may have suffered a massive security breach. Reports suggest over $1.46 billion in Ethereum was withdrawn from its hot wallets. If confirmed, this could be the biggest crypto exchange hack in history.

Massive Ethereum Withdrawal Sparks Alarm

📅 Date: February 21, 2025
🔍 Hacked Amount: 401,346 ETH ($1.13 billion)
📌 Suspicious Wallet Activity: Funds moved to unknown wallets and traded on DEXes

Crypto analysts first reported the breach on Twitter, with Whale Alert identifying a massive 401,346 ETH transfer from Bybit’s hot wallets. This movement immediately raised concerns about a potential security breach.

Shortly after, additional transactions showed the stolen funds being moved across multiple wallets. The attackers then converted liquid staking derivatives (stETH and mETH) into ETH, signaling an effort to liquidate the assets quickly.

How Are the Stolen Funds Being Used?

Typically, large ETH transactions occur through over-the-counter (OTC) trading for privacy. However, in this case, the stolen Ethereum was traded on decentralized exchanges (DEXes).

💱 Stolen ETH converted from stETH and mETH
🔄 Transactions spread across multiple wallets
📊 Unusual trading activity raises further suspicion

The decision to sell on DEXes rather than OTC platforms suggests the hackers are in a hurry to cash out. This strategy makes it harder to trace the funds but also risks attracting more attention.

Binance Founder CZ Reacts to Bybit Hack

Binance founder Changpeng Zhao (CZ) spoke out about the situation, advising Bybit to temporarily suspend all withdrawals as a security precaution.

However, when a follower suggested that halting withdrawals might spread fear among users, CZ defended his stance:

💬 “$1.5 billion is scary enough. Better safe than sorry now.”

His remarks highlight the severity of the attack and the need for strong security measures.

What’s Next for Bybit?

Bybit has yet to release an official statement, but security experts are closely monitoring the situation. If confirmed, this could be one of the largest crypto exchange hacks ever recorded.

Meanwhile, the crypto community is watching how the stolen funds move and whether Bybit will recover or compensate users affected by the breach.

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Ronin Bridge Exploit: White-Hat Hackers Steal $12M in ETH and USDC , $10M returned

by Ouess
written by Ouess

Ronin, the blockchain created by the Axie Infinity team, faced a significant exploit on Tuesday, losing $12 million. Despite this, quick action by the team mitigated the damage and secured user funds.

How the Exploit Happened

After a recent upgrade, attackers exploited the Ronin bridge by tricking it into misinterpreting the operators’ vote threshold for fund withdrawals. This breach allowed the hackers, identified as white-hat hackers acting in good faith, to steal 4,000 ETH (approximately $10 million) and $2 million in USDC.

Immediate Response and Network Shutdown

The Ronin team promptly responded to the exploit. “Earlier today, we were notified by white-hats about a potential exploit on the Ronin bridge,” they posted on X. The bridge was paused about 40 minutes after detecting the first on-chain activity. The team is negotiating with the responsible parties to ensure all user funds remain safe, promising to cover any shortfalls when the bridge reopens.

What Are White-Hat Hackers?

White-hat hackers are ethical hackers who identify vulnerabilities in systems to help fix them before malicious actors exploit them. Typically, they return stolen assets for a bounty. In this case, the Ronin team believes the hackers are acting in good faith to highlight security issues.

Ronin’s History with Exploits

This isn’t the first time Ronin has been targeted. In March 2022, it suffered a massive DeFi exploit, losing over $600 million to hackers. This recent incident, while significant, shows Ronin’s improved response and security measures.

Market Reaction

Interestingly, the RON token rose by 6% to $1.4 despite the exploit news. However, the network’s market cap has dropped dramatically, sitting at $475 million, down 65% from its May peak of $1.3 billion.

RON USD Daily chart

Conclusion

The Ronin bridge exploit underscores the ongoing security challenges in the blockchain space. The team’s swift action and transparent communication were crucial in mitigating the impact and ensuring user funds’ safety.

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