Internet Outages Disrupt Iran’s Crypto and Banking Systems
The Iranian government has enacted internet restrictions attributed to cyberattack threats from Israel. NetBlocks and Kentinc identified the collapse in connectivity, while David Belson from Cloudflare confirmed a drastic reduction in traffic, stating:
Internet traffic levels in Iran are now ~97% below where they were at the same time a week ago.
In response to these restrictions, Predatory Sparrow claimed responsibility for cyberattacks targeting Iran’s financial infrastructure. Elon Musk mentioned potential aid from Starlink, despite bans on terminals in Iran, highlighting a complex geopolitical dimension.
Significant Financial Services Disruptions Amid Blackout
The blackout has led to substantial disruption within the financial system, particularly affecting Bank Sepah. Cryptocurrency exchanges faced limitations, reflecting significant challenges in maintaining operational continuity under such conditions.
Potential outcomes include prolonged financial instability and intensified scrutiny of technological vulnerabilities. Historical data indicates sharp drops in crypto activities during extended outages, posing ongoing economic risks.
Recurring Internet Blackouts Impact Global Network Stability
Past internet shutdowns in Iran during domestic unrest and similar actions in Myanmar and Kazakhstan illustrate recurring patterns of cut connectivity leading to immobilized financial and crypto transactions.
Experts, including Kanalcoin, suggest that repeated instances of blackouts might lead to elevated global concerns about network stability and economic interference across regions with interconnected digital economies.
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