Iran’s largest crypto exchange experienced a sharp surge in withdrawals within minutes of US and Israeli strikes on Tehran, though a near-total internet blackout soon limited further outflows. Cybersecurity firm Elliptic reported that withdrawals from Nobitex jumped more than 700%, exceeding $500,000 shortly after the first strikes, and showed outflows approaching $3 million in a single hour later that day.
Elliptic said the spike could indicate capital flight, noting that much of the moved funds were routed to foreign cryptocurrency platforms — a method that can move value out of Iran while sidestepping some scrutiny in the global banking system. By contrast, crypto forensics firm TRM Labs attributed the rapid fall in withdrawals after Saturday to Iranian authorities enforcing severe internet restrictions, reporting an approximate 99% drop in connectivity and arguing the market showed a downturn in transactions and volume rather than sustained capital flight.
The outflows came amid rising hostilities between the US, Israel and Iran following strikes on Tehran and subsequent Iranian responses, market observers noted. Nobitex handles roughly 87% of Iran’s crypto transaction volume and processed about $7.2 billion in trades for over 11 million users in 2025.
Many Iranians rely on cryptocurrencies to preserve and move wealth amid a fragile banking system and international sanctions. In October, private lender Ayandeh Bank declared bankruptcy after about $5.1 billion in losses and nearly $3 billion in debt, affecting more than 42 million customers. Iran’s central bank has warned that several other local banks face potential dissolution without reform.
Iranian exchanges have faced security issues as well: Nobitex was targeted in a hack in June that resulted in losses reported at $81 million.
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