Pro-Israel group hacks Iranian crypto exchange for $90 million—but throws away the money
Geopolitical tensions in the Middle East have spilled over into the crypto industry. On Tuesday, Nobitex, the largest crypto exchange in Iran, was hacked for more than $90 million, according to the crypto analytics firm Elliptic. A group that calls itself Gonjeshke Darande, or 'Predatory Sparrow,' claimed responsibility for the hack. 'These cyberattacks are the result of Nobitex being a key regime tool for financing terrorism and violating sanctions,' Predatory Sparrow wrote on X.
Instead of pocketing the $90 million of Bitcoin, Dogecoin, and more than 100 different cryptocurrencies that they raided, the hacking group decided to destroy ('burn' in crypto parlance) the funds instead so as to send a political message, according to Elliptic.
Blockchain addresses, or locations in a database that record how much money someone has, are randomly generated and typically consist of a garbled string of numbers and letters. For this operation, though, Predatory Sparrow sent the hacked funds to addresses that included the phrase 'F***iRGCTerrorists.' (IRGC refers to the Islamic Revolutionary Guard Corps, a branch of the Iranian army.)
'To generate addresses with so many specific terms inside it would require so much computing power that you're not going to do it within any reasonable lifetime,' Arda Akartuna, a lead crypto threat researcher at Elliptic, told Fortune. 'So, it seems to have been more of a symbolic hack, as opposed to one where the intention is financial.'
Social media accounts for both Nobitex and Predatory Sparrow did not immediately return a request for comment. 'The vast majority of assets are stored in cold wallets and were not impacted,' Nobitex wrote on X after the hack.
'I've never seen a hack that has occurred in the way that this one has,' said Akartuna.
The exploit of Nobitex follows days of violent conflict between Israel and Iran.
After a United Nations–backed nuclear watchdog said on Thursday that Iran was not complying with prohibitions against the development of a military nuclear program, Israel launched a series of missiles against the Islamic Republic. Iran retaliated with its own strikes, and the two countries have traded blows over the past six days.
On Tuesday, Predatory Sparrow, which Elliptic's Akartuna says has repeatedly been linked to Israeli operatives, claimed responsibility for the hack of Iran's Bank Sepah and destruction of the financial institution's data. The hackers said the bank repeatedly circumvented international sanctions.
Predatory Sparrow made the same claims of sanctions evasions against Nobitex, which primarily caters to Iranian users. In 2022, the U.S. sanctioned Iranian nationals who used the crypto exchange to launder proceeds from cyberattacks, according to Chainalysis, another crypto analytics firm.
This story was originally featured on Fortune.com
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
22 minutes ago
- Yahoo
B vs. AEM: Which Gold Mining Stock Should You Bet on Now?
Barrick Mining Corporation B and Agnico Eagle Mines Limited AEM are two leading players in the gold mining space with global operations and diversified portfolios. While gold prices have fallen from their April 2025 peak, they remain favorable, aided by geopolitical tensions, and are currently hovering close to the $3,400 per ounce level. Against this backdrop, comparing these two major gold producers is particularly relevant for investors seeking exposure to the precious metals prices have rallied roughly 29% this year, largely attributable to aggressive trade policies, including sweeping new import tariffs announced by President Donald Trump that have intensified global trade tensions and heightened investor anxiety. Also, central banks worldwide have been accumulating gold reserves, led by risks arising from Trump's policies. Prices of the yellow metal catapulted to a record high of $3,500 per ounce on April 22. Increased purchases by central banks and geopolitical tensions worsened by the Israel-Iran conflict are factors expected to help the yellow metal sustain the rally. Let's dive deep and closely compare the fundamentals of these two Canada-based gold miners to determine which one is a better investment now. Barrick is well-placed to benefit from the progress in key growth projects that should significantly contribute to its production. Its major gold and copper growth projects, including Goldrush, the Pueblo Viejo plant expansion and mine life extension, Fourmile, Lumwana Super Pit and Reko Diq, are being executed. These projects are advancing on schedule and within budget, laying the groundwork for the next generation of profitable production. The Goldrush mine is ramping up to the targeted 400,000 ounces of production per annum by 2028. Bordering Goldrush is the 100% Barrick-owned Fourmile, which is yielding grades double those of Goldrush and is anticipated to become another Tier One mine. The project has progressed to a prefeasibility study on the back of a successful drilling program. The Reko Diq copper-gold project in Pakistan is designed to produce 460,000 tons of copper and 520,000 ounces of gold annually in its second development phase. The first production is expected by the end of October 2024, Barrick announced the commencement of the development of a Super Pit at its Lumwana copper mine in Zambia. The Super Pit Expansion entails doubling the present process circuit's throughput and substantially boosting mining volumes. Upon completion, the $2 billion project has the potential to transform Lumwana into a long-term, high-yielding, top-25 copper producer and Tier One copper mine. The expansion is expected to deliver 240,000 tons of copper production annually over the life of the has a solid liquidity position and generates healthy cash flows, positioning it well to take advantage of attractive development, exploration and acquisition opportunities, drive shareholder value and reduce debt. At the end of first-quarter 2025, Barrick's cash and cash equivalents were around $4.1 billion. It generated strong operating cash flows of roughly $1.2 billion in the quarter, up 59% year over year. Free cash flow surged to around $375 million in the first quarter from $32 million in the prior-year quarter. Barrick returned $1.2 billion to its shareholders in 2024 through dividends and repurchases. Barrick's board, in February 2025, authorized a new program for the repurchase of up to $1 billion of its outstanding common shares. It repurchased shares worth $143 million under this program during the first quarter. Barrick offers a dividend yield of 1.9% at the current stock price. Its payout ratio is 28% (a ratio below 60% is a good indicator that the dividend will be sustainable), with a five-year annualized dividend growth rate of roughly 5.1%.Barrick, however, is challenged by higher costs, which may eat into its margins. Its cash costs per ounce of gold and all-in-sustaining costs (AISC) — the most important cost metric of miners — increased around 16% and 20% year over year, respectively, in the first quarter. AISC increased due to higher total cash costs per ounce and higher minesite sustaining capital expenditures. For 2025, the company projects total cash costs per ounce of $1,050-$1,130 and AISC in the range of $1,460-$1,560 per ounce. These projections suggest a year-over-year increase at the midpoint of the respective ranges. Increased mine-site sustaining capital spending and higher labor costs may lead to higher costs. Agnico Eagle is focused on executing projects that are expected to provide additional growth in production and cash flows. It is advancing its key value drivers and pipeline projects, including the Odyssey project in the Canadian Malartic Complex, Detour Lake, Hope Bay, Upper Beaver and San Nicolas. The Hope Bay Project, with proven and probable mineral reserves of 3.4 million ounces, is expected to play a significant role in generating cash flow in the coming years. The processing plant expansion at Meliadine was completed and commissioned in the second half of 2024, with mill capacity expected to increase to roughly 6,250 tons per day in merger with Kirkland Lake Gold established Agnico Eagle as the industry's highest-quality senior gold producer. The integrated entity now has an extensive pipeline of development and exploration projects to drive sustainable growth. It also has the financial flexibility to fund a strong pipeline of growth has a robust liquidity position and generates substantial cash flows, which allow it to maintain a strong exploration budget, finance a strong pipeline of growth projects, pay down debt and drive shareholder value. Its operating cash flow jumped roughly 33% year over year to record $1,044 million in the first generated solid first-quarter free cash flows of $594 million, up around 50% year over year, backed by the strength in gold prices and strong operational results. It remains focused on paying down debt using excess cash, with net debt reducing by $212 million sequentially to just $5 million at the end of the first quarter. Its long-term debt-to-capitalization is just around 5%, lower than Barrick's 12.3%. AEM also returned around $920 million to its shareholders through dividends and repurchases last year and $251 million in the first quarter. AEM offers a dividend yield of 1.3% at the current stock price. It has a five-year annualized dividend growth rate of 10.3%. AEM has a payout ratio of 32%.Despite these positives, Agnico Eagle is still exposed to higher production costs. In the first quarter, its total cash costs per ounce of gold were up modestly from the previous year to $903. While AISC declined in the quarter due to the deferral of certain sustaining capital expenditures, AEM projects the same to increase in the remainder of 2025. AEM forecasts total cash costs per ounce in the range of $915 to $965 and AISC per ounce between $1,250 and $1,300 for 2025, suggesting a year-over-year increase at the midpoint of the respective ranges. While AEM is taking actions to control costs, the inflationary pressure is likely to continue over the near term, weighing on its profit margins and overall financial performance. Year to date, Barrick stock has gained 36.3%, while AEM stock has rallied 56.8% compared with the Zacks Mining – Gold industry's increase of 55.4%. Image Source: Zacks Investment Research Barrick is currently trading at a forward 12-month earnings multiple of 10.73, lower than its five-year median. This represents a roughly 23.8% discount when stacked up with the industry average of 14.08X. Image Source: Zacks Investment Research Agnico Eagle is trading at a premium to Barrick. The AEM stock is currently trading at a forward 12-month earnings multiple of 20.27, above the industry. Image Source: Zacks Investment Research The Zacks Consensus Estimate for B's 2025 sales and EPS implies a year-over-year rise of 13.7% and 43.7%, respectively. The EPS estimates for 2025 have been trending higher over the past 60 days. Image Source: Zacks Investment Research The consensus estimate for AEM's 2025 sales and EPS implies year-over-year growth of 23.6% and 43%, respectively. The EPS estimates for 2025 have been trending northward over the past 60 days. Image Source: Zacks Investment Research (Find the latest EPS estimates and surprises on Zacks Earnings Calendar.) Both B and AEM currently have a Zacks Rank #3 (Hold), so picking one stock is not easy. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks Barrick and Agnico Eagle are well-positioned to capitalize on the current gold price environment. Both have a strong pipeline of development projects, solid financial health and strong earnings growth prospects, and are seeing favorable estimate revisions. On the flip side, both are buffeted by higher production costs. AEM's higher dividend growth rate suggests that it may offer better investment prospects in the current market environment. AEM's lower leverage also indicates lesser financial risks. Investors seeking exposure to the gold space might consider Agnico Eagle as the more favorable option at this time. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Agnico Eagle Mines Limited (AEM) : Free Stock Analysis Report Barrick Mining Corporation (B) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research
Yahoo
22 minutes ago
- Yahoo
An inflation surge could swamp Trump's presidency. This one investment will keep your money safe.
America's financial outlook has darkened under President Donald Trump's leadership. All three major credit-rating agencies now rank U.S. federal debt one notch below triple-A, and Jamie Dimon, the chairman and CEO of JPMorgan Chase JPM, has warned of a crack in the U.S. bond market. With the 10-year U.S. Treasury yield BX:TMUBMUSD10Y at 4.4% on Wednesday and the 30-year rate BX:TMUBMUSD30Y at 4.9%, holders of nominal U.S. debt should be prepared for significant real losses. The principal risk is not U.S. sovereign default, but rather unexpected increases in medium- and long-term interest rates, owing to market expectations of higher inflation. Fiscal policy under Trump is unsustainable, as it was under former President Joe Biden — but even more so if the Trump administration's 'big, beautiful' budget passes in anything like its current form. 'I'm at my wit's end': My niece paid off her husband's credit card but fell behind on her taxes. How can I help her? Why the biggest-ever 'triple witching' options expiration could deliver a jolt to Friday's trading Israel-Iran clash delivers a fresh shock to investors. History suggests this is the move to make. 'I prepaid our mom's rent for a year': My sister is a millionaire and never helps our mother. How do I cut her out of her will? I'm 75 and have a reverse mortgage. Should I pay it off with my $200K savings — and live off Social Security instead? The January 2025 Financial Report of the United States Government makes this clear. The U.S. ratio of federal debt held by the public to GDP at the end of the 2024 fiscal year was around 98%, although $4.7 trillion of the $28.3 trillion in federal debt was held by the Federal Reserve — meaning it is erroneously categorized as held by the 'public,' when really the central bank's accounts should be consolidated with those of the federal government. Under current policy and based on the report's assumptions, federal debt held by the public would reach 535% of GDP by 2099. Stabilizing the U.S. debt-to-GDP ratio requires that the annual primary federal deficit (excluding interest payments) fall by an average of 4.3% of GDP over the next 75 years. And yet, the federal deficit and primary deficit were 6.4% and 3.3% of GDP, respectively, in fiscal-year 2024 — far above what can be justified with the economy near full employment. Read: America's debt is at a breaking point — Trump's tax bill might just push it over the edge With the U.S. Congress so dysfunctional, no one has any faith that it will deliver the required deficit reduction. Democrats do not do permanent spending cuts, and Republicans do not do permanent tax increases. The federal government does own about 28% of U.S. land (roughly 640 million acres), as well as other real commercial assets that could yield significant additional nontax revenues if properly managed. But neither party — nor even the misnamed Department of Government Efficiency — appears to have considered this option, so the federal deficit as a share of GDP is likely to rise over the next few years. With no foreseeable improvement in fiscal policy, there are two possible outcomes. First, the U.S. government could default. There has long been a small, but recurrent, risk of a technical, short-lived default if Congress fails to raise, suspend, extend, revise or abolish the federal debt ceiling on time. Fortunately, it has averted this scenario 78 times since 1960, and we expect it to continue doing so. As matters stand, the debt ceiling (including debt held by federal agencies) is set at $36.1 trillion, and debt subject to the limit is also $36.1 trillion. If needed, the Treasury has a highly liquid asset (the Treasury General Account held with the Fed) worth $332.9 billion that it can use to meet its obligations, and it may temporarily use 'extraordinary measures to continue to borrow additional amounts for a limited time.' The second, more likely possibility is that the Fed will monetize enough federal debt to prevent default. Since U.S. federal debt is serviced in dollars, 'printing money' is always an option. But, as the Fed well knows, a large-scale monetization of federal debt would result in significantly above-target inflation. We believe the Fed will do this without its operational independence being revoked by Trump. To get the Federal Open Market Committee to do something it does not want to do, the president would need to control the majority of its 12 voting members. These include the seven members of the Federal Reserve Board of Governors and five (out of 12) regional Federal Reserve Bank presidents who vote at any given FOMC meeting. Neither the president nor Congress can appoint or fire Federal Reserve Bank presidents. The Board of Governors must approve them, and only the board can remove them. The president nominates board members, but the Senate must confirm them. Board members' current term limits imply that, assuming none are fired, Trump will have the opportunity to nominate only two new members. True, with the power to fire board members 'for cause' — meaning 'inefficiency, neglect of duty, or malfeasance' — Trump could try to replace a majority of the members with loyalists. But this seems unlikely. Whether the 'for cause' criterion has been met will be contested in the courts, and the Senate would have to confirm Trump's appointees. Read: Trump's pick to replace Fed Chair Powell could rock your mortgage and retirement. Buckle up. Similarly, Congress could revise the Federal Reserve Act to replace the Fed's monetary-policy objectives with a mandate to buy or sell sovereign debt according to the wishes of the Treasury. But this, too, is unlikely. And the same goes for a scenario in which the Treasury sets a rapidly depreciating exchange-rate target for the dollar DXY that can be achieved only through large-scale Fed purchases of U.S. public debt that generate high inflation. However, fiscal dominance — indeed, fiscal capture — is very likely, because the need to avoid a domestic and global financial crisis will force the FOMC's hand. It will do whatever is necessary to prevent a U.S. government default, because the Fed's financial-stability mandate (the Financial Stability Act of 2010 mentions the Fed 179 times) undoubtedly trumps its monetary-policy mandate of maintaining maximum employment, stable prices and moderate long-term interest rates. The Fed cannot credibly threaten to refuse to monetize debt and deficits to compel fiscal retrenchment by the Treasury, let alone Congress. Thus, the Fed will have no choice but to engage in sovereign-debt purchases that it knows to be incompatible with its monetary-policy objectives. With nominal interest rates for medium- and long-term U.S. sovereign debt far below the levels consistent with realistic expectations of future inflation, serious capital losses on nominal debt instruments (public and private) are likely. The inflation surge could be no more than three years away. As the prospect of fiscal capture comes into view, investing in Treasury inflation-protected securities (TIPS) and other indexed public and private debt instruments will become increasingly attractive. Willem H. Buiter, a former chief economist at Citibank and former member of the Monetary Policy Committee of the Bank of England, is an independent economic adviser. Anne C. Sibert is professor emerita of economics at Birkbeck, University of London. This commentary — 'U.S. Debt Holders Should Brace for Impact' — is published with the permission of Project Syndicate. Read: 'You are going to panic,' Jamie Dimon tells regulators about what will happen when the bond market cracks More: What's at stake if world's most powerful market finally buckles after decades-long U.S. debt splurge 20 companies in the S&P 500 whose investors have gained the greatest rewards from stock buybacks Israel-Iran conflict poses three challenges for stocks that could slam market by up to 20%, warns RBC I'm 51, earn $129K and have $165K in my 401(k). Can I afford to retire when my husband, 59, draws Social Security at 62? 'It might be another Apple or Microsoft': My wife invested $100K in one stock and it exploded 1,500%. Do we sell? Why the stock market will be performing a high-wire act over the summer, according to UBS
Bloomberg
24 minutes ago
- Bloomberg
Bloomberg Surveillance: Israel, Markets, Supply Chains
Watch Tom and Paul LIVE every day on YouTube: Bloomberg Surveillance hosted by Tom Keene & Paul Sweeney June 20th, 2025 Featuring: 1) Dan Williams, Bloomberg News reporter, on President Donald Trump signaling he would give diplomacy a chance before deciding whether to strike Iran, dialing back on recent comments that suggested military action could be imminent. 2) David Katz, President and CIO of Matrix Asset Advisors, on why he is hopeful there will be some clarity in the current conflict in the upcoming months. After that, however, we will then return to the week to week and month to month uncertainties with Tariff and the current tax and spending bill that's making its way through congress. 3) Alisa Rusanoff, CEO at Eltech, on what risks lender are currently facing in the shipping space. 4) Lisa Mateo joins with the latest headlines in newspapers across the US, including a WSJ story on how side hustles nowadays are more about necessity than a passion. Plus, a Bloomberg report about Capital One's New JFK Lounge Makes a Play for Premium Travelers
