Iran freezes Internet as hackers steal $90m crypto assets

Iran freezes Internet as hackers steal $90m crypto assets

Iran is facing disruptions to internet services, cryptocurrency platforms, and banking operations amid its escalating conflict with Israel.

The Iranian Ministry of Communications on Wednesday announced that internet access had been restricted nationwide to prevent what it described as “misuse of the national communications network for military purposes” by hostile entities.

BBC reports that while domestic platforms remain functional, a near-total blackout was reported by independent analysts, with many Iranians struggling to access online services.

The move comes as cyber-attacks cripple key financial infrastructure. Nobitex, Iran’s largest digital currency exchange, went offline following what authorities described as a “security threat”.

Reports from local media say hackers linked to the Israeli-affiliated group Predatory Sparrow breached the platform and destroyed over $90m worth of cryptocurrency, sending it to unrecoverable addresses.

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The hacking group claimed responsibility for the Nobitex attack, accusing the platform of facilitating sanctions evasion and financing terrorism.

They also claimed attacks on Sepah Bank and Bank Pasargad, both major institutions in Iran’s banking sector.

Predatory Sparrow, a well-known hacktivist outfit, has a history of targeting Iranian infrastructure. In 2022, it carried out a cyber assault on a steel plant that caused a fire and physical damage.

Tuesday’s attack marked its most significant operation in over a year, coinciding with a fresh wave of Israeli military action.

Meanwhile, the effects of the disruption are being felt on the ground. Videos and testimonies shared with BBC Persian show supermarket shelves in cities like Tehran and Karaj nearly bare.

One resident said, “I can’t find tomato paste or spaghetti—only chips and drinks are left.”

Others report that banks have frozen access to funds, preventing withdrawals and adding to the growing sense of panic.

“There isn’t even bread,” one woman relayed about her family’s experience, highlighting the pressure ordinary Iranians now face as digital and economic life grinds to a halt.

Iran freezes Internet as hackers steal $90m crypto assets