The Republic of Iran is currently chaos personified, as its war crisis with Israel is bringing in diverse problems for the nation. Iran, while handling active war missiles and combat with Israel, was hit by a malicious cyberattack last night. The nation’s Sepah bank was wiped out of data last night, rendering the nation paralyzed and struggling financially. The first ever bank to be established in Iran, Sepah, was left debilitated when it was hit by malevolent online attacks led by Israelis, disturbing its online presence and network. The aforementioned disruptions ended up thwarting Iran’s gas station networks, putting its citizens in grave jeopardy. The reports have also claimed that the attack ended up wiping precious Sepah data, which brings in the real question of security at times of grave social unrest. Does Bitcoin help solve this burning query? One analyst thinks so.

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Sepah Bank Data Erased During War: How Safe Are Banks Now?

BTC MARKET CHAOS
Source: Watcher Guru

Per a recent Reuters report, a group of online Israeli cyber attackers named “Gonjeshke Darande” reportedly launched an online attack on Bank Sepah of Iran last night. This cyberattack was targeted at disrupting Sepah’s online operations, as the group speculated that the bank was playing a pivotal role in funding the Iranian military.

Such an attack has surfaced at a time when Iran is fiercely engaged in combat with Israel, as hostilities between the two nations continue to grow stronger.

“Disrupting the availability of this bank’s funds. Or triggering a broader collapse of trust in Iranian banks, could have major impacts there.” As shared by Rob Joyce, the former top cybersecurity official at the NSA.

In addition to this, such perplexing hacks compel us to wonder whether banks can truly be trusted during a grave economic crisis. With global governments susceptible to malicious malware and hacks, the said narrative pushes us to ask a bigger question concerning whether banks should truly be trusted in these times. Or, will the government truly support its citizens in a serious war/global crisis?

Furthermore, investors cannot help but entertain the narrative of decentralization at times like this. Imagining a world where such external forces cannot shut down financial services during acute social unrest.

In the middle of this, one noteworthy analyst, Max Kaiser, took to X to share his opinion. He added how Bitcoin is the only solution that counters centralized forces in full swing, prioritizing investors at all costs.

“Reminder: Everything 𝑵𝑶𝑻 Bitcoin—all fiat, shitcoins, and stablecoins—can be erased like this.”

Flawed Banking System vs. Bitcoin

The current banking system and its centralized regimens have been long questioned since Bitcoin came into the big picture.

Prized for its scarcity and unique system that makes it unhackable and truly decentralized BTC is now gaining global momentum. Several financial heavyweights have come up to ensure Bitcoin gets its due credit at present.

“Bitcoin has unique cross-border transfer and payment functions. Bitcoin may benefit from the end of the USD rate cycle and the debt crisis in marginal countries. BTC retains the scarcity similar to gold through mathematical consensus. While solving its problem of being difficult to divide, difficult to identify authenticity, and inconvenient to carry.”

Natalie Brunell, another noteworthy cryptocurrency expert, shared how Bitcoin is better than banks in recent times.

Also Read: Glassnode: 216 Entities Control 30% Bitcoin, Can 25x Market With $1

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  • Iran
  • Israel
  • war