Nobitex Begins Service Recovery Following $90M Hack

Iran’s largest cryptocurrency exchange, Nobitex, has begun its service operations slowly following the security incident that occurred earlier this month. According to an official announcement, the platform is open to users who have verified their accounts. However, withdrawals, deposits, and trading services remain disabled.

Nobitex Warns of Potential Fund Loss from Old Addresses

For clarity, the company noted that the identification verification process is a mandatory requirement for accessing the wallet. Following the verification of all data for accuracy and security, Nobitex will initiate a phased rollout of wallet balance displays.

According to Nobitex, users are expected not to deposit crypto into the platform’s old wallet address. The exchange stated that the previous addresses are no longer valid due to wallet system migration. As such, any deposit made to them may result in a loss of funds.

Additionally, the company advised users to delete and use new addresses if they saved old wallet addresses in a mining app or other crypto services. However, the exchange emphasized that if users are unable to view their balance, patience is required until verification is finalized. 

“If you are unable to view your wallet balance yet, please wait until your account verification is finalized. As stated in our previous announcement, the process is expected to be completed by mid-week,” Nobitex wrote.

Account Access Restored After Verification Completion

Before the latest resumption announcement, the company noted that despite the relentless effort of its technical and operational teams, the platform encountered unforeseen delays due to several factors, including heightened regional tensions, restricted physical access to data centers, unreliable internet infrastructure, and recurring connectivity issues.

Consequently, the shift to remote work has introduced considerable complexities, impacting the pace of recovery efforts. Moreover, the exchange stated that certain external service providers have also experienced delays in delivering critical components due to comparable limitations.

To ensure proper security, the crypto exchange proposed a re-authentication process during login, which will be available to users via the web platform. After users provide the necessary data, Nobitex will execute internal checks before restoring platform access.

The company noted that after completing the verification process, users will regain access to their accounts. Additionally, as of June 30, Nobitex will re-enable withdrawal functionality. Trading and deposit services will also be rolled out in phases.

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