Cryptocurrency outflows from Iran’s largest exchange surged 700% within minutes of the first US-Israeli airstrikes in Tehran, blockchain analysis firm Elliptic said in a blog post on Monday.
Elliptic said transaction volumes leaving Nobitex spiked almost immediately after the attacks, suggesting a rush to move funds offshore. Initial blockchain tracing indicates that the cryptocurrency was sent to foreign exchanges that have historically received significant inflows from Iran.
The activity “potentially represents a capital flight from Iran that bypasses the traditional banking system,” according to Dr. Tom Robinson, Elliptic’s co-founder and chief scientist.
Over the weekend, coordinated US-Israeli airstrikes hit multiple targets in Iran, killing Supreme Leader Ayatollah Ali Khamenei and escalating a broader conflict in the Middle East. The attacks stoked market volatility as investors priced in potential disruptions to oil supplies through the strategic Strait of Hormuz, sending global crude oil prices sharply higher and triggering sell-offs in stocks and purchases of safe-haven assets.
Nobitex allows users to convert Iranian rials to cryptocurrency and withdraw funds to external wallets, offering a route through traditional banking channels.
The exchange processed $7.2 billion in crypto transactions in 2025 and has more than 11 million users, making it critical to Iran’s digital asset ecosystem, Robinson said.
Elliptic previously linked the exchange to IRGC-aligned financial activity and reported in January that Iran’s central bank appeared to use Nobitex in its efforts to support the weakening of the rial.
Iran’s Crypto Ecosystem
Previous reports have detailed Iran’s growing use of cryptocurrencies as a hedge against the weakening of the rial and as a possible solution to international sanctions, and US authorities are investigating whether digital asset platforms have allowed state-linked actors to move funds and access hard currency outside the traditional banking system. Blockchain research cited in those reports estimates that crypto activity linked to Iran has reached billions of dollars annually, spanning both retail users and, according to officials, sanctioned entities.
Robinson also noted additional increases in Iranian cryptocurrency outflows earlier this year. The largest occurred on January 9, following widespread demonstrations against the regime and a subsequent government-imposed Internet blackout.
Two additional increases followed US sanctions announcements against Iranian actors, according to the report, suggesting that cryptocurrencies can be used to mitigate the impact of sanctions.
bitcoin and major altcoins fell sharply immediately following the attacks, with BTC briefly falling below $64,000 before recovering to the mid-$60,000s, underscoring the sensitivity of cryptocurrencies to geopolitical tensions. Ether (ETH) and other tokens also fell, although several remained above pre-strike levels, pointing to a relatively quick rebound after the initial sell-off.
The world’s largest cryptocurrency was more than 2% lower at press time, trading around $65,500. Ether, the second-largest cryptocurrency by market capitalization, fell 3.8% to around $1,930.
Read more: Iran Crisis Puts Regime’s $7.8 Billion Shadow Crypto Economy in the Spotlight
