Iran’s largest cryptocurrency exchange saw a sudden surge in withdrawals minutes after US and Israeli strikes on Tehran, but a near-total internet blackout soon curtailed further flows. Cybersecurity firm Elliptic reported withdrawals from Nobitex rose more than 700%, topping $500,000 shortly after the first strikes and nearing $3 million in a single hour later that day.
Elliptic suggested the spike could represent capital flight, noting a large share of the moved funds were routed to foreign crypto platforms — a mechanism that can shift value out of Iran while avoiding some scrutiny in the global banking system. By contrast, crypto forensics firm TRM Labs said the subsequent sharp decline in withdrawals was caused by Iranian authorities imposing severe internet restrictions, estimating connectivity fell by roughly 99% and arguing the market saw a temporary drop in transactions and volume rather than sustained outflows.
The withdrawals occurred amid escalating tensions between the US, Israel and Iran after strikes on Tehran and retaliatory Iranian actions. Nobitex controls an estimated 87% of Iran’s crypto trading volume and processed about $7.2 billion in trades for more than 11 million users in 2025, making its activity a key indicator of domestic crypto movements.
Many Iranians rely on cryptocurrencies to preserve and move wealth in the face of a fragile banking system and international sanctions. In October, private lender Ayandeh Bank declared bankruptcy after roughly $5.1 billion in losses and nearly $3 billion in debt, affecting over 42 million customers. Iran’s central bank has warned several other local banks could face dissolution without significant reform.
Iranian exchanges have also faced security challenges: Nobitex was the target of a June hack that reportedly cost about $81 million. Observers say spikes in crypto activity during geopolitical shocks highlight how digital assets are used for rapid value transfer, while restrictions on internet access can abruptly limit on-chain movement.
This article was produced in line with Cointelegraph’s editorial standards; readers are encouraged to verify details independently.
