Iranian Cryptocurrency Exchanges Compensate Users After Sudden Tether Crash

TEHRAN, Nov 11 (OPA) — Three prominent Iranian cryptocurrency platforms—Wallex, Nobitex, and Tabdil—have initiated compensation frameworks after a sharp, sudden volatility spike caused Tether to crash toward 200,000 tomans on Tuesday evening, November 11. Although the stablecoin quickly rebounded to the 250,000-toman range, the violent price swing triggered widespread liquidations and forced unexpected trades across multiple domestic exchanges.

Wallex stated it will cover losses from its own reserves for margin and platform accounts that were liquidated below approximately 248,000 tomans following a drop exceeding 3 percent. The platform set the pre-crisis baseline at roughly 256,000 tomans and promised automatic deposits within 12 hours without requiring user requests, maintaining that all historical trades remain valid. Nobitex similarly confirmed it is rolling back liquidated leveraged positions and collateralized loans executed below its fair-market threshold of 250,000 tomans, while Tabdil announced automatic reimbursements for unprofitable trades executed under the same 250,000-toman floor.

Exchanges including Abantether and Tabdil reported that their core trading infrastructures remained secure and fully operational during the turmoil, attributing the initial price shock to external market contagion rather than internal system failures. Nobitex temporarily suspended rial and crypto withdrawals during the acute phase of the volatility, but later confirmed that all deposit, withdrawal, and trading services have resumed normal operations across its network.

Despite the corrective measures enacted by individual platforms, the root cause of the sudden Tether collapse remains unidentified. While several exchanges pointed to external market anomalies and liquidity shifts, independent verification of the trigger mechanism is still pending, leaving questions regarding the total number of affected users and the aggregate financial impact unresolved.