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- Expert warns of ‘war of codes’ after Iranian crypto exchange gets hacked (foxbusiness.com)
Cyber Warfare Heats Up Amidst Israel-Iran Conflict
The escalating conflict between Israel and Iran has moved beyond traditional battlegrounds, extending into the digital realm. The recent hack of Nobitex, a major Iranian cryptocurrency exchange, highlights this new dimension of geopolitical conflict.
Bezalel Eithan Raviv, CEO and Founder of Lionsgate Network, spoke about the implications of this cyberattack and the evolving nature of warfare. “This is a game-changer,” Raviv stated.
“Geopolitical conflicts are now playing out in different avenues. By tracing the funds, we can see what’s happening behind the scenes.
This hack represents an escalation in how entities are targeting the financial lifeblood of their adversaries.”
Nobitex reportedly suffered losses of nearly $90 million in the attack. The hacking group claiming responsibility, Gonjeshke Darande, is believed to have ties to Israel and a history of sophisticated cyberattacks against Iran. This incident follows recent heightened tensions and military actions between the two nations.
Raviv described this new type of conflict as a “war of codes,” where battles are fought without physical casualties, but with potentially devastating financial consequences. He emphasized the importance of the digital battlefield, stating, “The back end is now more important than the front lines. This changes the entire narrative of what war looks like.”
While this digital battlefield may not involve physical casualties, Raviv acknowledges the significant financial harm caused by malicious actors. He drew parallels between traditional terrorism and financial terrorism, highlighting the impact on innocent individuals who trust their funds to institutions that may not be adequately prepared for such attacks.
“In the US alone, $53 billion is lost annually to scams,” Raviv revealed. “This is a very alarming number. Despite thousands of new cases daily, law enforcement hasn’t caught up.”
Raviv calls for stronger action, arguing that recent legislation, like the GENIUS Act, is insufficient. He expressed concern that law enforcement is not doing enough and that current legislation is lagging behind the rapid evolution of these threats. He urged greater vigilance, warning, “Every person with money in their bank should be worried.”
Raviv believes the core issue lies in the current financial system. He asserts, “Every exchange is moving malicious-related money and profiting from the commission, regardless of the transaction’s legitimacy.
That is their bloodline. That’s how they profit.”
He believes addressing this fundamental problem is crucial to mitigating the risks in this new era of cyber warfare.
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- Expert warns of ‘war of codes’ after Iranian crypto exchange gets hacked (foxbusiness.com)