Crypto outflows from Iran’s largest digital asset exchange surged dramatically after recent US and Israeli airstrikes on Tehran, raising questions about potential capital flight amid escalating regional tensions.
Blockchain analytics firm Elliptic reported that withdrawals from Nobitex jumped more than 700% within minutes of the initial strikes, surpassing $500,000 almost immediately. Outflows later climbed to nearly $3 million in a single hour.
Elliptic’s early tracing suggested that a portion of the funds moved to foreign crypto exchanges, a pattern that could indicate efforts to transfer capital beyond domestic financial channels. The firm noted that digital assets can provide alternative pathways for moving money outside the traditional banking system during periods of uncertainty.
Internet Blackout Curbs Further Crypto Activity
However, additional withdrawals slowed sharply after Iranian authorities reportedly imposed widespread internet restrictions. According to TRM Labs, national connectivity dropped by roughly 99% following the outbreak of hostilities, limiting transaction activity across the country’s crypto ecosystem.
Nobitex, which handles approximately 87% of Iran’s crypto trading volume and processed around $7.2 billion in trades in 2025, plays a central role in the country’s digital asset market. Analysts remain divided on whether the spike reflected sustained capital flight or a short-term reaction to geopolitical shock.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.