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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.

Korea’s NH Venture Targets Investments in Israeli Tech Startups

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NH Venture Investment, a branch of NongHyup Financial Group (NH), is looking to invest millions of dollars in Israeli tech startups, aiming to combine Israel’s innovative technologies with Korea’s manufacturing capabilities to create larger global companies. Established in 2019, NH Venture seeks to build on Israel’s deep-tech expertise, including areas such as artificial intelligence, semiconductors, defence, healthcare, and quantum computing.

In July 2024, NH Venture teamed up with OurCrowd, an Israeli investment platform, to establish the Trepont Fund—an $80 million initiative designed to invest in 30 startups across Israel, Korea, and Silicon Valley. CEO Hyun Jin Kim confirmed that NH Venture plans to invest at least $40 million of the fund specifically in Israeli startups. One of the company’s notable investments is in Kardome, an AI voice recognition company that collaborates with Korean giants LG and Hyundai Motors.

During his recent visit to Israel, Kim met with several startups, including Hailo, an Israeli unicorn in the AI space. Kim emphasized the potential for strong collaboration between Israeli innovation and Korean manufacturing, particularly to penetrate the U.S. market. Despite concerns around the ongoing Israel-Hamas conflict, Kim noted that innovation has remained constant in the region, and NH Venture is not deterred by the situation.

The fund is specifically targeting early-stage companies that have already developed proven products. Ely Razin, a partner at OurCrowd, highlighted that Korean interest in Israeli startups has grown, especially following the Israel-Hamas ceasefire.

The relationship between Israel and Korea is well-established, with Samsung, LG, and Hyundai all having venture arms in Israel. Both countries are among the global leaders in research and development.

Seong Ryong Kang, CEO of the Korea-Israel Industrial R&D Foundation, believes the cooperation between the two countries is more seamless compared to other Asian nations due to their complementary industries, and the presence of Korean venture firms in Israel underscores a strong willingness to collaborate.

Meta’s WhatsApp Reveals Paragon Spyware Targeted Users in Over 24 Countries

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WhatsApp, the popular messaging service owned by Meta Platforms, disclosed that Israeli spyware company Paragon Solutions targeted its users in two dozen countries, including journalists and members of civil society. The company revealed that approximately 90 users were compromised through a zero-click hack, which did not require any user interaction to install spyware. WhatsApp has since sent a cease-and-desist letter to Paragon and disrupted the hacking efforts, working with the Canadian internet watchdog Citizen Lab and informing law enforcement. The spyware, often sold to governments, has been found on the devices of activists, journalists, and politicians, raising alarms over the proliferation of surveillance tools. While Paragon claims to operate ethically, the latest revelations suggest otherwise.