Iranian Rial Becomes Worthless as Iran Threatens Hacks at U.S. Heartland: “Deadly Incidents Coming Soon”

[Financial News] Iran’s currency has been setting new record lows day after day, affected by the United States’ declaration of its so-called “economic outcast” campaign and the resumption of armed conflict. Meanwhile, an Iran-linked hacking group warned that it would carry out deadly cyberattacks targeting critical U.S. infrastructure, including energy, water and wastewater, and telecommunications facilities.
On the 2nd, local time, the Iranian rial fell to approximately 2.2 million rials per U.S. dollar on Iran’s black market, setting another record low. The rial exchange rate first surpassed 2 million rials per dollar on the 23rd of last month, then fell an additional approximately 9% after the United States announced its economic outcast campaign. As recently as mid-last month, the rial traded at around 1.865 million per U.S. dollar, while a year ago it stood at approximately 958,000 rials. In just one year, the currency’s value has plunged to less than half.
On the 24th of last month, the U.S. Department of the Treasury announced an “economic expulsion campaign” targeting approximately 60 Iran-linked individuals, entities, and vessels. The measure significantly expanded the potential scope of “secondary boycotts,” or sanctions on third parties, across various sectors, including digital assets, technology, gold, aviation, and shipping.
In response, the Iranian hacking group APT Iran announced plans on the 2nd for large-scale cyberattacks against U.S. infrastructure in a statement on Telegram. According to the National Broadcasting Company (NBC), the group threatened, “Soon, the United States will witness unexpected, deadly incidents in the energy, water, and telecommunications industries.”
In connection with this, the Cybersecurity and Infrastructure Security Agency (CISA) had already issued a warning in July that Iranian hackers were attempting to infiltrate internet-connected control equipment at water facilities, shortly before facilities in seven U.S. states came under attack. According to CISA, the hackers targeted more than 100 water and wastewater facilities. The agency also advised critical infrastructure operators to strengthen their security measures on the 21st of last month.
As the conflict that began with joint U.S.-Israeli airstrikes against Iran continues, concerns are growing that Iran’s cyber threats could expand to target civilian infrastructure. U.S. authorities urged facility operators to disconnect equipment from the public internet and implement strong passwords, firewalls, and access-control lists.
[email protected] Hong Chae-wan Reporter