Crypto Outflows Surge After Strikes in Iran

Crypto withdrawals surged by over 700% at Iran’s Nobitex exchange post-strikes, then fell due to internet blackouts. Analysis suggests capital flight amid

Crypto Outflows Amidst Strikes and Sanctions

Iran’s largest cryptocurrency exchange, Nobitex, witnessed a dramatic surge in withdrawals shortly after the US and Israel launched airstrikes on Tehran on Saturday. According to Elliptic, an analytics firm specializing in crypto tracking, withdrawal volumes increased by over 700% within minutes of the first strikes, peaking at nearly $3 million in a single hour later that day.

Sharp Increase in Crypto Outflows

Elliptic reported that these outflows likely indicated capital flight from Iran. The analysis suggested many funds were transferred to foreign exchanges, circumventing global banking scrutiny. "This allows for movement of funds while avoiding some of the regulatory oversight found within international financial systems," stated Elliptic.

Internet Blackouts Curtail Further Outflows

However, crypto outflows from Nobitex fell sharply after Saturday's strikes due to the Iranian regime's implementation of strict internet blackouts. TRM Labs noted that Iran’s internet connectivity reportedly plummeted by nearly 99% in the wake of the conflict.

Crypto Ecosystem and Banking Instability

Iran’s largest cryptocurrency exchange, Nobitex, handles about 87% of the country's crypto transaction volume. In 2025, it processed $7.2 billion for over 11 million users. The recent banking collapse in Iran has forced millions to rely on cryptocurrencies as a safe alternative. The situation is compounded by widespread sanctions against the nation.

Banking System and Capital Flight

In October 2023, Ayandeh Bank, one of Iran’s largest private banks, declared bankruptcy after accumulating $5.1 billion in losses and nearly $3 billion in debt, impacting more than 42 million customers. Iran's central bank warned that eight other local banks were at risk of dissolution unless they implemented necessary reforms.

Security Concerns and Hack

Nobitex has not been immune to security issues; in June 2023, the exchange suffered an $81 million hack, highlighting ongoing challenges within Iranian crypto infrastructure. Despite these risks, cryptocurrencies remain a critical tool for Iranians navigating their unstable financial environment.

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