The Israel-linked hacker group, known as Predatory Sparrow, has launched significant cyberattacks aimed at damaging Iran’s financial infrastructure. Following an attack on Iran’s Sepah Bank, the group claimed to have destroyed all of the bank’s data, stating that it was in retaliation for the bank’s ties to the Islamic Revolutionary Guard Corps. Predatory Sparrow accused the institution of facilitating the Iranian regime’s terrorist financing efforts.
In a recent incident, the hackers targeted Iranian crypto exchange Nobitex, proclaiming that they had obliterated assets worth over $90 million. This act marked a shift, as the hackers opted to destroy the valuable digital assets rather than steal them, indicating their intention to cause disruption rather than gain a financial benefit. Blockchain analysis confirmed that the funds were funneled into unique crypto addresses named derogatorily towards Iranian military entities, showcasing the political motivations behind the attacks.
Cybersecurity experts have noted the collateral damage these attacks have caused, impacting ordinary civilians’ access to their funds, particularly after the disruptions at Sepah Bank led to offline banking and ATM services.
Predatory Sparrow has a history of aggressive cyber warfare against Iran, having previously executed a series of strategic assaults on critical infrastructure, such as disabling gas station payment systems and launching an industrial control attack on a steel mill, resulting in a catastrophic fire. As the conflict between Israel and Iran unfolds, the group’s focus on Iran’s financial sector raises concerns about the potential escalation of cyber warfare, with experts pointing out that Predatory Sparrow’s capabilities set it apart from many other hacker groups.
The motivations behind Predatory Sparrow’s shift to target financial institutions are not completely clear, but analysts warn that as cyber warfare intensifies, Iran could face further disruptions with serious implications for both its economy and everyday life.
