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Iran’s Nobitex Crypto Exchange Hit by Hackers, $90 Million in Funds Destroyed

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A powerful anti-Iranian hacking group known as Gonjeshke Darande (Predatory Sparrow) claimed responsibility on Wednesday for a devastating cyberattack on Nobitex, Iran’s largest cryptocurrency exchange. The attack allegedly destroyed around $90 million in digital assets and threatened to leak the platform’s source code.

This marks the group’s second strike in two days, following an earlier operation targeting Bank Sepah, a state-owned Iranian bank. The campaign comes amid escalating tensions and missile exchanges between Israel and Iran.

The hackers claim Nobitex aids the Iranian regime in evading sanctions and financing militant groups, including Hamas, Palestinian Islamic Jihad, and Yemen’s Houthis. Blockchain forensics firm Elliptic confirmed these ties in a blog post, noting that funds had been exchanged between Nobitex and wallets linked to those entities.

Early Wednesday, funds were transferred from Nobitex to hacker-controlled wallets displaying anti-IRGC (Islamic Revolutionary Guard Corps) messages. Analysis by TRM Labs and Chainalysis confirmed that approximately $90 million in cryptocurrency was irretrievably “burned” in the operation, meaning the attackers intentionally rendered the assets inaccessible as a political statement.

Elliptic noted that the structure of the hacker wallets ensured that even the attackers could not access the stolen assets.

Nobitex confirmed in a post on X (formerly Twitter) that it had taken its website and app offline due to “unauthorized access.” Its Telegram support channels did not respond to inquiries.

The cyberattack adds to a growing list of high-profile hacks by Predatory Sparrow, which has previously disabled Iranian infrastructure, including gas stations and steel mills. Though Israel has never officially claimed the group, its operations are widely considered to align with Israeli cyber interests.

Senators Elizabeth Warren and Angus King recently highlighted Nobitex’s suspected role in Iranian sanctions evasion in a letter to the Biden administration, citing prior Reuters investigations from 2022.

Cybersecurity experts warn that this breach could further inflame geopolitical tensions while demonstrating the increasing use of blockchain technology in modern cyber warfare.

Eutelsat Meets Revenue Forecasts as OneWeb Gains Government Clients Amid Geopolitical Shifts

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Eutelsat reported €300 million in third-quarter revenue for its 2024–25 fiscal year, slightly below last year’s figure but in line with analyst expectations. The French satellite operator, which owns OneWeb, the world’s second-largest low-Earth orbit (LEO) satellite constellation, is seeing a rise in government demand for secure, non-American and non-Chinese satellite services.

Key Financials:

  • Q3 revenue fell 1.9% year-on-year

  • Analyst consensus was €302 million, with estimates ranging from €294 million to €307 million

  • Government services revenue rose 10.2%, the fastest-growing segment, fueled by geopolitical demand for independent satellite connectivity

Strategic Positioning:

Eutelsat’s OneWeb network, with over 600 LEO satellites, offers secure broadband services to governments and militaries at approximately 1,200 km altitude. This positions it as a European alternative to SpaceX’s Starlink, which has over 7,000 satellites and deep traction with commercial clients.

Eutelsat CFO Christophe Caudrelier emphasized the strategic importance of non-U.S. and non-Chinese alternatives in satellite communication:

“With the current geopolitics, there is interest from many countries… Many non-aligned countries are seeking alternative, non-American, non-Chinese solutions,” he stated.

Challenges & Developments:

  • The company experienced a drop in its U.S. Department of Defense contract renewal rate to 50%, citing structural changes in U.S. spending under President Donald Trump’s administration. Without that one-off, the renewal rate would have been closer to 70%.

  • Eutelsat also took a €16 million revenue hit due to EU sanctions requiring the cessation of Russian channel broadcasts.

  • The firm is actively seeking new capital investors to support its future financing needs.

Despite the recent CEO replacement, Eutelsat reaffirmed its full-year outlook, signaling stability in operations as it navigates market transitions and growing demand for secure satellite services from non-aligned nations.

European Lawmakers Urge Quick Action on Chips Act 2.0 to Boost AI and Semiconductor Investment

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European lawmakers have called on the European Commission to expedite the development of a new support program for the region’s semiconductor industry, particularly focusing on investment in AI chips and addressing technological gaps. A letter, authored by representatives from three major factions in the European Parliament and signed by 54 lawmakers, emphasized the urgency of bolstering Europe’s semiconductor sector.

The letter highlighted recent geopolitical developments that have underscored the need for Europe to secure continued access to advanced technologies. Lawmakers expressed concern that the progress under the original 2023 Chips Act has been too slow, urging the European Commission to act more swiftly.

The lawmakers’ plea follows a similar call from leading European chip industry firms, which have also voiced concerns over the pace of progress. While the European Commission has signaled plans to launch five new investment packages this year to support European industries, including AI, the letter criticized the absence of semiconductor-focused measures in these packages. Semiconductors, the lawmakers stressed, are central to the EU’s industrial ambitions, and the current lack of targeted support for the sector could hinder Europe’s technological and economic future.

The initial EU Chips Act prompted a wave of investment but fell short of attracting advanced chipmakers, with Intel notably halting plans for a large new factory in Germany. The lawmakers urged the Commission to address these gaps and act quickly, especially given the current geopolitical realities surrounding competition between the United States and China.

The letter also emphasized the need for Europe to protect its key players from the implications of extraterritorial laws and the escalating global competition in the semiconductor industry.