Who hack an exchange steal and burn bitcoin..

[Hazink]

Nobitex, which is an Iran-based exchange, has reportedly been hacked, and more than $90 million worth of crypto have been stolen, including a few altcoins, including Bitcoin, and the stolen Bitcoin was said to be sent to a burn address, which means that it will be permanently lost.

Another day to remind us: not your key, not your coin. And it appears that this hack is all political, as the Gonjeshke Darande hacker group, which are said to be Israeli pro hackers, so who will pay anyone affected back their money if the exchange doesn't have enough reserve funds to repay?

Nobitex, Sanctions, and The $90 Million Exploit: A Window into Iran’s Largest Crypto Exchange

[Charles-Tim]

Someone has already created a thread for this discussion: Nobitex, Iranian crypto exchange has been exploited worth over $80M.

You can lock this thread to avoid repetitive posts.

[Sticky Bomb]

Source: Nobitex Twitter handle

From the image you can see that the exchange has assured it's clients that they would be compensated through insurance funds and Nobitex resources after investigations has been concluded, so they can only wait

[Kelward]

Stealing cryptocurrency and burning it shows that the hackers are not interested in the coins, they want to send a message of wickedness. Does this mean that the exchange is so vulnerable that hackers will gain access just to send whatever sick message that they have in mind and can we continue to trust exchanges? It's very clear now why we shouldn't trust exchanges to keep our coins, what happened to Nobitex, can happy to any exchange, this is not the first time that we are hearing about exchange and hacks. Better to be safe and leave your coins in a none custodial wallet to avoid being a victim in exchange hacks and bankruptcy.

[Publictalk792]

Stealing cryptocurrency and burning it shows that the hackers are not interested in the coins, they want to send a message of wickedness. Does this mean that the exchange is so vulnerable that hackers will gain access just to send whatever sick message that they have in mind and can we continue to trust exchanges? It's very clear now why we shouldn't trust exchanges to keep our coins, what happened to Nobitex, can happy to any exchange, this is not the first time that we are hearing about exchange and hacks. Better to be safe and leave your coins in a none custodial wallet to avoid being a victim in exchange hacks and bankruptcy.

Yes this Nobitex hack where hackers burned stolen cryptocurrency to send political message instead of just stealing it highlights major problem centralized crypto exchanges can be vulnerable. This event like many hacks before it proves that putting your trust in exchanges means your money is on risk from security breaches or even exchange going out of business. It is stark reminder that if you do not control your crypto private keys you do not truly own your coins. That is why keeping your cryptocurrency in non custodial wallet is safest way to protect your investments from hacks and other risks associated with exchanges even though exchanges are convenient for trading.

[hero_the_bossman]

Stealing cryptocurrency and burning it shows that the hackers are not interested in the coins, they want to send a message of wickedness. Does this mean that the exchange is so vulnerable that hackers will gain access just to send whatever sick message that they have in mind and can we continue to trust exchanges? It's very clear now why we shouldn't trust exchanges to keep our coins, what happened to Nobitex, can happy to any exchange, this is not the first time that we are hearing about exchange and hacks. Better to be safe and leave your coins in a none custodial wallet to avoid being a victim in exchange hacks and bankruptcy.

Even bigger exchanges got hacked, not even local ones, so everybody should be ready for such things.

We may never shrug such a possibility off on CEXes especially.

[peter0425]

Another day to remind us: not your key, not your coin. And it appears that this hack is all political, as the Gonjeshke Darande hacker group, which are said to be Israeli pro hackers

Hmm at first I thought these are just investors wanting to pump the price of bitcoin. It has been said that burning bitcoin will benefit everyone except for who burned his own bitcoin since it is too valuable but what if it is not your own coin anyway?

But after learning that this involves irani and israeli individuals, the possibility of this being political is very possible.

so who will pay anyone affected back their money if the exchange doesn't have enough reserve funds to repay?

That is for the exchange to think about. If they really can't, there is nothing else to do but maybe they would have to keep trying or else they might be facing a lawsuit.

[Doan9269]

Source: Nobitex Twitter handle

From the image you can see that the exchange has assured it's clients that they would be compensated through insurance funds and Nobitex resources after investigations has been concluded, so they can only wait

I don't stand to believe on what they have said, they are claiming the assets are in a secured cold storage whereas the keys to these wallets are with them, who then has the coins, he who has the keys!

So this is being said to only calm the air because of the ugly incident that just happened, but higher percentage points at the users to forget their assets because not your keys not your coins still remains relevant.

It is also important that we all know the difference between a custodial wallet and non custodial wallet, so we could prepare ourself down in case of related activities like this, whereby an exchange got hacked and went bankrupt.

[Sticky Bomb]

Source: Nobitex Twitter handle

From the image you can see that the exchange has assured it's clients that they would be compensated through insurance funds and Nobitex resources after investigations has been concluded, so they can only wait

I don't stand to believe on what they have said, they are claiming the assets are in a secured cold storage whereas the keys to these wallets are with them, who then has the coins, he who has the keys!

So this is being said to only calm the air because of the ugly incident that just happened, but higher percentage points at the users to forget their assets because not your keys not your coins still remains relevant.

It is also important that we all know the difference between a custodial wallet and non custodial wallet, so we could prepare ourself down in case of related activities like this, whereby an exchange got hacked and went bankrupt.

You and I know that those funds are as good as lost unless miracle happens, unlike Bybit hack where normal operations were not disrupted and the exchange continued to function. Those that kept their livelihood on such exchanges have my highest sympathy. They would be frustrated like hell.

The hack is yet another reminder of the fact that if it is not your keys, it is surely not your coins. Time shall surely tell how much hope the victims have or if this is yet another exchange collapse we would witness.

[coolcoinz]

I've read somewhere that chain analysts confirmed that funds belonging to the exchange were on the move, so either they suddenly decided to change addresses on the exact time when Israeli hackers claimed to have stolen them, or the Iranians are lying. I'd say the latter is more likely.

It's a huge loss for the victims, but I'd rather have the hackers burn these coins (although I don't trust they will) than dump it on some other exchange to crash the price.
What would you rather have them do? Sell bitcoin and donate money to Israeli government to buy more missiles and drones?

[HONDACD125]

It's an act of mere anger, as it seems, because if they were such good hackers, they should have hacked into something that could make the Iranian government lose something, but what they did wouldn't bother the government at all because an exchange will only have funds for their users and itself, and other than the taxes they pay, the government doesn't get a share of their revenue, so it's a loss for the exchange and not the government, and that's why it's evident that the group which did this didn't do it with a purpose but did it out of anger because Iran has been attacking Israel.

It's a good thing that the exchange has made the announcement that users will be compensated for their losses, if any, because a normal user shouldn't pay the price for a platform or service not having good enough security, because if they did, no hacker would have been able to achieve this. So, since the exchange couldn't protect itself very well, they had to pay the price. Now, whether the hackers use that money for something or burn it, they have lost it from their side.

[Stalker22]

I don't stand to believe on what they have said, they are claiming the assets are in a secured cold storage whereas the keys to these wallets are with them, who then has the coins, he who has the keys!

You either dont understand what "cold storage" means or its purpose. Besides, there is no reason to doubt their word. why would they lie when they have already taken full responsibility?

[logfiles]

so who will pay anyone affected back their money if the exchange doesn't have enough reserve funds to repay?

It's the exchange's responsibility to pay up the affected users. Maybe next time they should up their security. Pro-Israeli hackers or terrorists don't really care about who is affected or not. If they can kill innocent people and not bat an eye, then how about just mere hacks.

[Sticky Bomb]

I've read somewhere that chain analysts confirmed that funds belonging to the exchange were on the move,

Please share the source and let's validate it. I think it's another propaganda on the net. News are easy to fly around, especially those that don't hold water

so either they suddenly decided to change addresses on the exact time when Israeli hackers claimed to have stolen them, or the Iranians are lying. I'd say the latter is more likely.

It's a huge loss for the victims, but I'd rather have the hackers burn these coins (although I don't trust they will) than dump it on some other exchange to crash the price.
What would you rather have them do? Sell bitcoin and donate money to Israeli government to buy more missiles and drones?

I verified the address 1FuckiRGCTerroristsNoBiTEXXXaAovLX  now and it still has the18.47168704 BTC balance intact, although I can't say for all stolen funds. I've not really seen a public collection of all the addresses the stolen funds were sent to, so I cannot really conclude if it's on the move or not.

From the way the funds were burned, it's obvious the funds were not moved with fraudulent intent, unless of course Nobitex initiates a fraudulent play to take advantage of the situation and steal from their clients

[Stalker22]

I've read somewhere that chain analysts confirmed that funds belonging to the exchange were on the move,

Please share the source and let's validate it. I think it's another propaganda on the net. News are easy to fly around, especially those that don't hold water

so either they suddenly decided to change addresses on the exact time when Israeli hackers claimed to have stolen them, or the Iranians are lying. I'd say the latter is more likely.

It's a huge loss for the victims, but I'd rather have the hackers burn these coins (although I don't trust they will) than dump it on some other exchange to crash the price.
What would you rather have them do? Sell bitcoin and donate money to Israeli government to buy more missiles and drones?

I verified the address 1FuckiRGCTerroristsNoBiTEXXXaAovLX  now and it still has the balance intact, although I can't say for all stolen funds. I've not really seen a public collection of all the addresses the stolen funds were sent to, so I cannot really conclude if it's on the move or not.

I believe he was referring to funds in the exchange's cold storage addresses that are in motion, not to funds that were hacked and sent to a "burner" addresses.

While I havent personally come across such reports, I dont think thats strange at all.  Its a pretty standard security measure. After a hack, the first thing anyone with sense does is move all remaining funds from potentially compromised wallets to brand new, secure ones. Its not about the hacked funds themselves, but about protecting whats left and ensuring the attacker cant get it.

[Taskford]

Nobitex, which is an Iran-based exchange, has reportedly been hacked, and more than $90 million worth of crypto have been stolen, including a few altcoins, including Bitcoin, and the stolen Bitcoin was said to be sent to a burn address, which means that it will be permanently lost.

Another day to remind us: not your key, not your coin. And it appears that this hack is all political, as the Gonjeshke Darande hacker group, which are said to be Israeli pro hackers, so who will pay anyone affected back their money if the exchange doesn't have enough reserve funds to repay?

Nobitex, Sanctions, and The $90 Million Exploit: A Window into Iran’s Largest Crypto Exchange

The hacker is not interested with their money.

This hacking has been done is due to political statement and they accused Nobitex that they are financing terrorist base on the articles I read spreading online. But what good thing about that they Nobitex manage to step up on this hacking situation and make sure that no funds of their costumer has been compromised. This is somehow good assurance they give to their costumer and I think if they return without getting to much problem on their costumer side then it will boost the confidence of people to trade on their exchange.

[asriloni]

Stealing cryptocurrency and burning it shows that the hackers are not interested in the coins, they want to send a message of wickedness. Does this mean that the exchange is so vulnerable that hackers will gain access just to send whatever sick message that they have in mind and can we continue to trust exchanges? It's very clear now why we shouldn't trust exchanges to keep our coins, what happened to Nobitex, can happy to any exchange, this is not the first time that we are hearing about exchange and hacks. Better to be safe and leave your coins in a none custodial wallet to avoid being a victim in exchange hacks and bankruptcy.

Nobitex hackers have already identified as Israeli supporter, and they were doing it as a part of their war with Iran. No monetary purpose involved in this hack, and i think it's pure their intention to help the war against Iran.

They won't care with the money that's burned. However, i feel bad with how innocent people always became the victims.

The good thing Nobitex have money to cover the lost because of this hack.

[coolcoinz]

I believe he was referring to funds in the exchange's cold storage addresses that are in motion, not to funds that were hacked and sent to a "burner" addresses.

While I havent personally come across such reports, I dont think thats strange at all.  Its a pretty standard security measure. After a hack, the first thing anyone with sense does is move all remaining funds from potentially compromised wallets to brand new, secure ones. Its not about the hacked funds themselves, but about protecting whats left and ensuring the attacker cant get it.

Yup, it was said on a podcast that the funds were moved from the wallets belonging to the exchange prior to the Israelis claiming they hacked it.
Also, the exchange itself confirmed that "most assets are stored in unaffected cold wallets" you can find this statement online. This means that some funds were stolen and they can cover the loss.

I don't think this is even a question if, but rather how. I don't care that they can cover the loss. I'd want to know if they can stop it from happening again, or are they going to resign from using hot wallets now?

[mindrust]

There was an Iranian based crypto exchange? That’s news. The Israeli hackers probably bribed some of the Iranian employees and that’s how they managed to steal the funds. It is probably not a real “hack”. There are many Iranians who don’t like the current Iranian government and they’ll do anything to take them down, making deals with the Israelis is included.

Like David Mustang said: “A country that’s divided, will surely not stand.” Such a shame though both sides think they are killing on god’s command. And American fools crossed the sea and came to foreign lands. I don’t think they are here to ask the sheep for their beliefs. Are they going to steal Iranian’s btc reserves like how they stole Iraqis gold reserves?

Maybe in the future we’ll have a peaceful world where countries don’t fight over bitcoin.

I have a dream.

[Agbe]

This hack was carried out by pro Israeli hackers who are in support of Israel in the ongoing war to them the essence is to send a tough message to Iran that even their Bitcoin is not safe but I think that the company has also come out to say that they have successfully recovered their lost Bitcoins this is happening as a result of the war and nothing else the two sides wants to just create an impression