Crypto outflows from Iran’s largest exchange surged 700% within minutes of the first US-Israeli airstrikes on Tehran, blockchain analytics firm Elliptic said in a Monday blog post.
Elliptic said transaction volume exiting Nobitex increased almost immediately after the strikes, suggesting a rush to move funds offshore. Initial blockchain tracking indicates that the crypto was sent to overseas exchanges that have historically received significant inflows from Iran.
The activity “represents potential capital flight from Iran that bypasses the traditional banking system,” according to Dr. Tom Robinson, Elliptic co-founder and chief scientist.
Over the weekend, coordinated US and Israeli airstrikes hit multiple targets in Iran, killing Supreme Leader Ayatollah Ali Khamenei and escalating a wider Middle East conflict. The attacks fueled market volatility as investors priced in potential disruptions to oil supplies through the strategic Strait of Hormuz, sending global crude prices sharply higher and triggering broad sell-offs in stocks and safe harbor purchases across assets.
Nobitex allows users to convert Iranian Rials to crypto and withdraw funds to external wallets, offering a route around traditional banking channels.
The exchange processed $7.2 billion in crypto transactions by 2025 and claims more than 11 million users, making it central to Iran’s digital asset ecosystem, Robinson said.
Elliptic has previously linked the exchange to IRGC-aligned financial activity and reported in January that Iran’s central bank appeared to be using Nobitex in efforts to support the weakened rial.
Iran’s Crypto Ecosystem
Previous reports have described Iran’s growing use of cryptocurrencies as a hedge against a weakening rial and as a potential solution to international sanctions, with US authorities investigating whether digital asset platforms have enabled state-linked actors to move money and access hard currency outside the traditional banking system. Blockchain research cited in these reports estimates that Iran-linked crypto activity has reached billions of dollars annually, spanning retail users as well as, according to officials, sanctioned entities.
Robinson has also flagged further increases in Iranian crypto outflows earlier this year. The largest came on January 9 after widespread anti-regime demonstrations and a subsequent government-imposed internet blackout.
Two additional increases followed announcements of US sanctions targeting Iranian actors, the report said, suggesting that crypto may be used to mitigate the impact of sanctions.
Bitcoin and major altcoins fell sharply immediately after the strikes, with BTC briefly falling below $64,000 before recovering to the mid-$60,000s, underscoring crypto’s sensitivity to geopolitical tensions. Ether (ETH) and other tokens also fell, although several remained above pre-strike levels, pointing to a relatively quick recovery after the initial sell-off.
The world’s largest cryptocurrency was over 2% lower at press time, trading around $65,500. Ether, the second-largest crypto by market cap, was 3.8% lower at around $1,930.
Read more: The Iran crisis puts the regime’s $7.8 billion crypto shadow economy in the spotlight
