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$90 million vanished from Iran’s Nobitex exchange, now, TRM Labs suggests pro-Israel hackers allegedly siphoned funds and possibly seized sensitive data to uncover Iranian spies paid in crypto Days after the hack, three Israeli citizens were arrested for allegedly carrying out espionage activities, such as performing surveillance, propaganda, and intelligence-gathering tasks in exchange for cryptocurrency payments on behalf of Iranian intelligence. Israeli Espionage Case Highlights Use of Crypto for State-Backed Operations In its report, TRM Labs noted “the arrests represent a rare public case of state-sponsored espionage in which operatives were compensated using digital assets.” The investigation alleges that each suspect received crypto payouts upon completing specific assignments, with funds delivered via anonymized blockchain channels. One of the accused, Dmitri Cohen, 28, from Haifa, reportedly tracked and photographed members of Prime Minister Benjamin Netanyahu’s family. He is accused of spying on Amit Yardeni, Netanyahu’s future daughter-in-law, ahead of her wedding. Investigators say Cohen used a dedicated device to maintain encrypted contact with his Iranian handler and received thousands of dollars in crypto, about $500 per task. A second suspect, aged 27 from Tel Aviv, was detained for allegedly photographing military sites, government buildings, and tagging graffiti. Authorities seized several devices from his home during the investigation. ⚠️ Israel arrests 27-year-old Tel Aviv man for allegedly spying for Iran in exchange for crypto, spotlighting the growing role of digital assets in espionage. #Israel #Iran https://t.co/XC9ZKyJS9i — Cryptonews.com (@cryptonews) June 24, 2025 A third suspect, aged 19 from the Sharon region, reportedly passed classified information to Iranian contacts. He was allegedly recruited online and maintained prolonged communication with Iranian operatives during recent tensions between the two countries. While Israeli officials have not publicly connected the arrests to any specific cyber incident, TRM Labs suggests the timeline may point to a broader intelligence operation. TRM Labs Flags Possible Intelligence Overlap in Espionage Case Involving Nobitex Hack “Although Israeli authorities have not confirmed any connection between the hack and the arrests, the timing and tactical profile suggest potential intelligence overlaps,” TRM Labs noted. The firm noted that Israeli airstrikes occurred on June 13, followed by the hack of Iran-based crypto exchange Nobitex on June 18, and then the arrests on June 24. However, till now, there hasn’t been a solid evidence linking Israel to the June 18 cyberattack on Nobitex, Iran’s largest cryptocurrency exchange , although a pro-Israel hacking group Predatory Sparrow also know as “ Gonjeshke Darande” claimed responsibility for the breach. 👨🏻‍💻 The fallout from the $100 million @nobitexmarket exchange hack continues to deepen as hackers release the platform’s full source code. #Hack #Nobitex https://t.co/1pAhbG3TAv — Cryptonews.com (@cryptonews) June 19, 2025 Additionally, the pro-Israel hacker group Gonjeshke Darande claimed to not only wipe $90 million of the exchange but also released the Iranian exchange’s full source code , including server lists, cold wallet scripts, and privacy settings. Notably, the group has previously targeted Iranian infrastructure for intelligence-gathering. TRM Labs suggests the breach could have granted access to KYC records, potentially aiding Israeli cyber units in identifying Iranian handlers or mapping crypto payments to local operatives. Iran’s use of cryptocurrency in covert operations is not new. Reports revealed that Iran routinely uses crypto to fund proxies, evade sanctions, and support cyber operations. 📈 In 2024, Russia and Iran increasingly turned to cryptocurrency to bypass Western sanctions, leveraging DeFi, no-KYC exchanges, and crypto for financial operations, according to @chainalysis #Russia #Iran #Sanctions https://t.co/ep1f3tLNms — Cryptonews.com (@cryptonews) February 17, 2025 Similar patterns have emerged in other countries. In the same year, South Korea arrested individuals linked to North Korean intelligence for passing military secrets in exchange for crypto.$90 million vanished from Iran’s Nobitex exchange, now, TRM Labs suggests pro-Israel hackers allegedly siphoned funds and possibly seized sensitive data to uncover Iranian spies paid in crypto Days after the hack, three Israeli citizens were arrested for allegedly carrying out espionage activities, such as performing surveillance, propaganda, and intelligence-gathering tasks in exchange for cryptocurrency payments on behalf of Iranian intelligence. Israeli Espionage Case Highlights Use of Crypto for State-Backed Operations In its report, TRM Labs noted “the arrests represent a rare public case of state-sponsored espionage in which operatives were compensated using digital assets.” The investigation alleges that each suspect received crypto payouts upon completing specific assignments, with funds delivered via anonymized blockchain channels. One of the accused, Dmitri Cohen, 28, from Haifa, reportedly tracked and photographed members of Prime Minister Benjamin Netanyahu’s family. He is accused of spying on Amit Yardeni, Netanyahu’s future daughter-in-law, ahead of her wedding. Investigators say Cohen used a dedicated device to maintain encrypted contact with his Iranian handler and received thousands of dollars in crypto, about $500 per task. A second suspect, aged 27 from Tel Aviv, was detained for allegedly photographing military sites, government buildings, and tagging graffiti. Authorities seized several devices from his home during the investigation. ⚠️ Israel arrests 27-year-old Tel Aviv man for allegedly spying for Iran in exchange for crypto, spotlighting the growing role of digital assets in espionage. #Israel #Iran https://t.co/XC9ZKyJS9i — Cryptonews.com (@cryptonews) June 24, 2025 A third suspect, aged 19 from the Sharon region, reportedly passed classified information to Iranian contacts. He was allegedly recruited online and maintained prolonged communication with Iranian operatives during recent tensions between the two countries. While Israeli officials have not publicly connected the arrests to any specific cyber incident, TRM Labs suggests the timeline may point to a broader intelligence operation. TRM Labs Flags Possible Intelligence Overlap in Espionage Case Involving Nobitex Hack “Although Israeli authorities have not confirmed any connection between the hack and the arrests, the timing and tactical profile suggest potential intelligence overlaps,” TRM Labs noted. The firm noted that Israeli airstrikes occurred on June 13, followed by the hack of Iran-based crypto exchange Nobitex on June 18, and then the arrests on June 24. However, till now, there hasn’t been a solid evidence linking Israel to the June 18 cyberattack on Nobitex, Iran’s largest cryptocurrency exchange , although a pro-Israel hacking group Predatory Sparrow also know as “ Gonjeshke Darande” claimed responsibility for the breach. 👨🏻‍💻 The fallout from the $100 million @nobitexmarket exchange hack continues to deepen as hackers release the platform’s full source code. #Hack #Nobitex https://t.co/1pAhbG3TAv — Cryptonews.com (@cryptonews) June 19, 2025 Additionally, the pro-Israel hacker group Gonjeshke Darande claimed to not only wipe $90 million of the exchange but also released the Iranian exchange’s full source code , including server lists, cold wallet scripts, and privacy settings. Notably, the group has previously targeted Iranian infrastructure for intelligence-gathering. TRM Labs suggests the breach could have granted access to KYC records, potentially aiding Israeli cyber units in identifying Iranian handlers or mapping crypto payments to local operatives. Iran’s use of cryptocurrency in covert operations is not new. Reports revealed that Iran routinely uses crypto to fund proxies, evade sanctions, and support cyber operations. 📈 In 2024, Russia and Iran increasingly turned to cryptocurrency to bypass Western sanctions, leveraging DeFi, no-KYC exchanges, and crypto for financial operations, according to @chainalysis #Russia #Iran #Sanctions https://t.co/ep1f3tLNms — Cryptonews.com (@cryptonews) February 17, 2025 Similar patterns have emerged in other countries. In the same year, South Korea arrested individuals linked to North Korean intelligence for passing military secrets in exchange for crypto.

Israel’s $90M Nobitex Exploit Tied to Crypto-Funded Espionage

2025/06/30 16:30

$90 million vanished from Iran’s Nobitex exchange, now, TRM Labs suggests pro-Israel hackers allegedly siphoned funds and possibly seized sensitive data to uncover Iranian spies paid in crypto

Days after the hack, three Israeli citizens were arrested for allegedly carrying out espionage activities, such as performing surveillance, propaganda, and intelligence-gathering tasks in exchange for cryptocurrency payments on behalf of Iranian intelligence.

Israeli Espionage Case Highlights Use of Crypto for State-Backed Operations

In its report, TRM Labs noted “the arrests represent a rare public case of state-sponsored espionage in which operatives were compensated using digital assets.”

The investigation alleges that each suspect received crypto payouts upon completing specific assignments, with funds delivered via anonymized blockchain channels.

One of the accused, Dmitri Cohen, 28, from Haifa, reportedly tracked and photographed members of Prime Minister Benjamin Netanyahu’s family. He is accused of spying on Amit Yardeni, Netanyahu’s future daughter-in-law, ahead of her wedding.

Investigators say Cohen used a dedicated device to maintain encrypted contact with his Iranian handler and received thousands of dollars in crypto, about $500 per task.

A second suspect, aged 27 from Tel Aviv, was detained for allegedly photographing military sites, government buildings, and tagging graffiti. Authorities seized several devices from his home during the investigation.

A third suspect, aged 19 from the Sharon region, reportedly passed classified information to Iranian contacts. He was allegedly recruited online and maintained prolonged communication with Iranian operatives during recent tensions between the two countries.

While Israeli officials have not publicly connected the arrests to any specific cyber incident, TRM Labs suggests the timeline may point to a broader intelligence operation.

TRM Labs Flags Possible Intelligence Overlap in Espionage Case Involving Nobitex Hack

“Although Israeli authorities have not confirmed any connection between the hack and the arrests, the timing and tactical profile suggest potential intelligence overlaps,” TRM Labs noted.

The firm noted that Israeli airstrikes occurred on June 13, followed by the hack of Iran-based crypto exchange Nobitex on June 18, and then the arrests on June 24.

However, till now, there hasn’t been a solid evidence linking Israel to the June 18 cyberattack on Nobitex, Iran’s largest cryptocurrency exchange, although a pro-Israel hacking group Predatory Sparrow also know as “ Gonjeshke Darande” claimed responsibility for the breach.

Additionally, the pro-Israel hacker group Gonjeshke Darande claimed to not only wipe $90 million of the exchange but also released the Iranian exchange’s full source code, including server lists, cold wallet scripts, and privacy settings. Notably, the group has previously targeted Iranian infrastructure for intelligence-gathering.

TRM Labs suggests the breach could have granted access to KYC records, potentially aiding Israeli cyber units in identifying Iranian handlers or mapping crypto payments to local operatives.

Iran’s use of cryptocurrency in covert operations is not new. Reports revealed that Iran routinely uses crypto to fund proxies, evade sanctions, and support cyber operations.

Similar patterns have emerged in other countries. In the same year, South Korea arrested individuals linked to North Korean intelligence for passing military secrets in exchange for crypto.

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The gaming industry is in the midst of a historic shift, driven by the rise of Web3. Unlike traditional games, where developers and publishers control assets and dictate in-game economies, Web3 gaming empowers players with ownership and influence. Built on blockchain technology, these ecosystems are decentralized by design, enabling true digital asset ownership, transparent economies, and a future where players help shape the games they play. However, as Web3 gaming grows, security becomes a focal point. The range of security concerns, from hacking to asset theft to vulnerabilities in smart contracts, is a significant issue that will undermine or erode trust in this ecosystem, limiting or stopping adoption. Blockchain technology could be used to create security processes around secure, transparent, and fair Web3 gaming ecosystems. We will explore how security is increasing within gaming ecosystems, which challenges are being overcome, and what the future of security looks like. Why is Security Important in Web3 Gaming? Web3 gaming differs from traditional gaming in that players engage with both the game and assets with real value attached. Players own in-game assets that exist as tokens or NFTs (Non-Fungible Tokens), and can trade and sell them. These game assets usually represent significant financial value, meaning security failure could represent real monetary loss. In essence, without security, the promises of owning “something” in Web3, decentralized economies within games, and all that comes with the term “fair” gameplay can easily be eroded by fraud, hacking, and exploitation. This is precisely why the uniqueness of blockchain should be emphasized in securing Web3 gaming. How Blockchain Ensures Security in Web3 Gaming?

Immutable Ownership of Assets Blockchain records can be manipulated by anyone. If a player owns a sword, skin, or plot of land as an NFT, it is verifiably in their ownership, and it cannot be altered or deleted by the developer or even hacked. This has created a proven track record of ownership, providing control back to the players, unlike any centralised gaming platform where assets can be revoked.
Decentralized Infrastructure Blockchain networks also have a distributed architecture where game data is stored in a worldwide network of nodes, making them much less susceptible to centralised points of failure and attacks. This decentralised approach makes it exponentially more difficult to hijack systems or even shut off the game’s economy.
Secure Transactions with Cryptography Whether a player buys an NFT or trades their in-game tokens for other items or tokens, the transactions are enforced by cryptographic algorithms, ensuring secure, verifiable, and irreversible transactions and eliminating the risks of double-spending or fraudulent trades.
Smart Contract Automation Smart contracts automate the enforcement of game rules and players’ economic exchanges for the developer, eliminating the need for intermediaries or middlemen, and trust for the developer. For example, if a player completes a quest that promises a reward, the smart contract will execute and distribute what was promised.
Anti-Cheating and Fair Gameplay The naturally transparent nature of blockchain makes it extremely simple for anyone to examine a specific instance of gameplay and verify the economic outcomes from that play. Furthermore, multi-player games that enforce smart contracts on things like loot sharing or win sharing can automate and measure trustlessness and avoid cheating, manipulations, and fraud by developers.
Cross-Platform Security Many Web3 games feature asset interoperability across platforms. This interoperability is made viable by blockchain, which guarantees ownership is maintained whenever assets transition from one game or marketplace to another, thereby offering protection to players who rely on transfers for security against fraud. Key Security Dangers in Web3 Gaming Although blockchain provides sound first principles of security, the Web3 gaming ecosystem is susceptible to threats. Some of the most serious threats include:

Smart Contract Vulnerabilities: Smart contracts that are poorly written or lack auditing will leave openings for exploitation and thereby result in asset loss. Phishing Attacks: Unintentionally exposing or revealing private keys or signing transactions that are not possible to reverse, under the assumption they were genuine transaction requests. Bridge Hacks: Cross-chain bridges, which allow players to move their assets between their respective blockchains, continually face hacks, requiring vigilance from players and developers. Scams and Rug Pulls: Rug pulls occur when a game project raises money and leaves, leaving player assets worthless. Regulatory Ambiguity: Global regulations remain unclear; risks exist for players and developers alike. While blockchain alone won’t resolve every issue, it remediates the responsibility of the first principles, more so when joined by processes such as auditing, education, and the right governance, which can improve their contribution to the security landscapes in game ecosystems. Real Life Examples of Blockchain Security in Web3 Gaming Axie Infinity (Ronin Hack): The Axie Infinity game and several projects suffered one of the biggest hacks thus far on its Ronin bridge; however, it demonstrated the effectiveness of multi-sig security and the effective utilization of decentralization. The industry benefited through learning and reflection, thus, as projects have implemented changes to reduce the risks of future hacks or misappropriation. Immutable X: This Ethereum scaling solution aims to ensure secure NFT transactions for gaming, allowing players to trade an asset without the burden of exorbitant fees and fears of being a victim of fraud. Enjin: Enjin is providing a trusted infrastructure for Web3 games, offering secure NFT creation and transfer while reiterating that ownership and an asset securely belong to the player. These examples indubitably illustrate that despite challenges to overcome, blockchain remains the foundational layer on which to build more secure Web3 gaming environments. Benefits of Blockchain Security for Players and Developers For Players: Confidence in true ownership of assets Transparency in in-game economies Protection against nefarious trades/scams For Developers: More trust between players and the platform Less reliance on centralized infrastructure Ability to attract wealth and players based on provable fairness By incorporating blockchain security within the mechanics of game design, developers can create and enforce resilient ecosystems where players feel reassured in investing time, money, and ownership within virtual worlds. The Future of Secure Web3 Gaming Ecosystems As the wisdom of blockchain technology and industry knowledge improves, the future for secure Web3 gaming looks bright. New growing trends include: Zero-Knowledge Proofs (ZKPs): A new wave of protocols that enable private transactions and secure smart contracts while managing user privacy with an element of transparency. Decentralized Identity Solutions (DID): Helping players control their identities and decrease account theft risks. AI-Enhanced Security: Identifying irregularities in user interactions by sampling pattern anomalies to avert hacks and fraud by time-stamping critical events. Interoperable Security Standards: Allowing secured and seamless asset transfers across blockchains and games. With these innovations, blockchain will not only secure gaming assets but also enhance the overall trust and longevity of Web3 gaming ecosystems. Conclusion Blockchain is more than a buzzword in Web3; it is the only way to host security, fairness, and transparency. With blockchain, players confirm immutable ownership of digital assets, there is a decentralized infrastructure, and finally, it supports smart contracts to automate code that protects players and developers from the challenges of digital economies. The threats, vulnerabilities, and scams that come from smart contracts still persist, but the industry is maturing with better security practices, cross-chain solutions, and increased formal cryptographic tools. In the coming years, blockchain will remain the base to digital economies and drive Web3 gaming environments that allow players to safely own, trade, and enjoy their digital experiences free from fraud and exploitation. While blockchain and gaming alone entertain, we will usher in an era of secure digital worlds where trust complements innovation. The Role of Blockchain in Building Safer Web3 Gaming Ecosystems was originally published in Coinmonks on Medium, where people are continuing the conversation by highlighting and responding to this story