Iran’s top cryptocurrency exchange, Nobitex, appears to have been the target of a significant cyberattack on Wednesday, resulting in losses estimated at over $48 million, according to blockchain analyst ZachXBT.

Shortly after news of the breach surfaced, a pro-Israel hacktivist group known as Predatory Sparrow (also called Gonjeshke Darande) claimed responsibility. The group accused Nobitex of aiding the Iranian government in evading international sanctions and alleged that the platform played a role in supporting Iran’s financial and military infrastructure.

Predatory Sparrow warned that it would release Nobitex’s internal source code and sensitive data within 24 hours, cautioning users that any funds remaining on the exchange could be at risk.

Nobitex tweeted it had detected a “security issue” but did not directly address the hacktivist group's allegations or confirm the extent of the data breach.... Read More: Arutz-7