Chainalysis described Nobitex as a central hub in Iran’s sanctioned crypto ecosystem, stating that the hack underscores the tension between crypto’s borderless nature and the regulatory restrictions imposed by nation-states

Quotes that support claims

Nobitex isn’t just a local exchange; it serves as a critical hub within Iran’s heavily sanctioned crypto ecosystem, enabling access to global markets for users cut off from traditional finance," Chainalysis wrote

[The] exploit underscores the inherent tension between the borderless nature of cryptocurrency and the geopolitical realities of nation-state restrictions," Chainalysis wrote