Popular Iranian Currency Tracking Website Goes Offline After Cyberattacks, Central Bank Criticism
Bonbast.com, Iran’s most-used website for tracking the open-market exchange rate of the rial, has been taken offline due to what administrators are describing as severe cyberattacks and security concerns, Bloomberg reports.
The shutdown comes shortly after criticism from the head of Iran’s central bank, adding to speculation about the reasons behind the site’s sudden unavailability.
According to a statement emailed to Bloomberg by a Bonbast.com representative late Wednesday, the website experienced “severe” distributed denial-of-service (DDoS) attacks. DDoS attacks overwhelm a server with internet traffic, rendering it inaccessible to users. The attacks followed public comments made by Central Bank Governor Mohammad Reza Farzin.
Bonbast.com has been a critical source of data for both FX traders and ordinary Iranian citizens seeking the open-market value of the rial, which often differs considerably from the multiple official exchange rates set by the government. Its disappearance from the internet creates a vacuum in market transparency.
The website’s shutdown coincides with a period of significant economic instability in Iran. The rial has recently plummeted to record lows against the US dollar amid concerns about a potential shift in US policy under a potential second term for Donald Trump, coupled with an ongoing energy crisis within the country.
Bonbast data, which was still available before the shutdown, indicated a sharp decline in the rial’s value since September of last year. This depreciation has been attributed by analysts to several factors, including Iran’s conflicts with Israel, the weakening of its proxy militias like Hezbollah, and the impact of extensive US and Western sanctions on the Iranian economy. Reduced oil prices, impacting Iran’s foreign currency earnings, have also likely contributed to the rial’s woes.
Just last week, Governor Farzin publicly criticized Bonbast.com, claiming that the site provides an “unrealistic signal” to the market every morning by utilizing servers located in the United States. This statement was reported by the semi-official Iranian Labour News Agency.
