Crypto outflows from Iran’s largest exchange jumped 700% minutes after the first US-Israeli airstrikes on Tehran, blockchain analytics firm Elliptic said in a blog post on Monday.
Elliptic said trading volumes flowing out of Nobitex increased almost immediately after the strikes, suggesting a rush to offshore funds. Initial blockchain tracing indicates that the crypto was sent to foreign exchanges that have historically received significant inflows from Iran.
This activity “potentially represents a flight of capital from Iran that bypasses the traditional banking system,” according to Dr. Tom Robinson, co-founder and chief scientist of Elliptic.
Over the weekend, coordinated airstrikes between the United States and Israel hit multiple targets in Iran, killing Supreme Leader Ayatollah Ali Khamenei and escalating a broader conflict in the Middle East. The attacks fueled market volatility as investors anticipated potential disruptions to oil supplies through the strategic Strait of Hormuz, sending global crude prices sharply higher and triggering broad stock sales and safe-haven buying across all assets.
Nobitex allows users to convert Iranian rials to crypto and withdraw funds to external wallets, providing a route bypassing traditional banking channels.
The exchange processed $7.2 billion in crypto transactions in 2025 and claims more than 11 million users, making it a central part of Iran’s digital assets ecosystem, Robinson said.
Elliptic has previously linked the exchange to financial activity aligned with the IRGC and reported in January that Iran’s central bank appeared to be using Nobitex in its efforts to support the weakening rial.
The Iranian Crypto Ecosystem
Previous reports have detailed Iran’s growing use of cryptocurrencies as a hedge against the weakening rial and as a potential workaround for international sanctions, with U.S. authorities investigating whether digital asset platforms have allowed state-linked actors to move funds and access hard currencies outside of the traditional banking system. Blockchain research cited in these reports estimates that Iran-linked crypto activity reaches billions of dollars annually, covering retail users as well as, officials say, sanctioned entities.
Robinson also reported an additional increase in Iranian cryptocurrency outflows earlier this year. The largest took place on January 9, following widespread protests against the regime and a government-imposed internet shutdown.
Two additional increases followed announcements of US sanctions targeting Iranian actors, the report said, suggesting crypto could 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 returning to the mid-$60,000s, highlighting the crypto’s sensitivity to geopolitical tensions. Ether (ETH) and other tokens also declined, although several remained above pre-strike levels, indicating a relatively quick rebound after the initial sell-off.
The world’s largest cryptocurrency was down more than 2% at press time, trading around $65,500. Ether, the second-largest crypto by market cap, was down 3.8% at around $1,930.
Learn more: Iran Crisis Shines Light on Regime’s $7.8 Billion Crypto Shadow Economy
