TLDR
- Iran’s largest crypto exchange, Nobitex, saw a 700% spike in outflows within minutes of US-Israeli airstrikes on Tehran on Saturday.
- Outflows peaked at nearly $3 million in a single hour, with many funds sent to foreign exchanges.
- Blockchain firm Elliptic described the activity as potential “capital flight,” while TRM Labs said internet blackouts actually slowed overall crypto activity.
- Iran’s internet connectivity dropped by approximately 99% after the conflict began, cutting off most users.
- Nobitex and other Iranian exchanges have since gone offline, with on-chain data showing halted outgoing transactions on the platform’s Ethereum address.
Iran’s largest crypto exchange recorded a dramatic spike in withdrawals within minutes of US and Israeli airstrikes hitting Tehran on Saturday.
🚨IRAN CRYPTO OUTFLOWS SPIKE 700%
Outflows from Nobitex, Iran’s largest exchange, jumped 700% to nearly $3M after the reported U.S.–Israel assassination of Ayatollah Khamenei.
Elliptic says Nobitex’s 11M users moved $7.2B in crypto in 2025. pic.twitter.com/Oqsx4zDXNq
— Coin Bureau (@coinbureau) March 2, 2026
Nobitex, which handles roughly 87% of Iran’s crypto transaction volume, saw outflows surge more than 700% almost immediately after the first strikes. The platform processed about $7.2 billion in trades for more than 11 million users in 2025.
Blockchain analytics firm Elliptic reported the outflows topped $500,000 within minutes, then climbed to nearly $3 million in a single hour later that day.
Elliptic’s initial tracing found many of the funds were sent to foreign crypto exchanges. The firm said this “potentially represents capital flight from Iran” and that it allows funds to move out of the country while avoiding scrutiny from the global banking system.
Not everyone agreed with that interpretation.
Fellow crypto forensics platform TRM Labs said the outflows were short-lived and attributed the drop-off to government-enforced internet blackouts rather than a mass exit of capital.
Iran’s internet connectivity fell by approximately 99% shortly after the conflict began, according to TRM. The firm stated that Iran’s crypto ecosystem was not showing signs of capital flight, but instead experiencing a “downturn in both transactions and volume.”
Exchange Outages and On-Chain Slowdowns
As of March 2, blockchain analytics platform Chainalysis reported that several Iranian exchanges, including Nobitex and Ramzinex, had gone offline.
The shutdowns may be linked to government-ordered internet restrictions or physical infrastructure damage from the bombings.
On-chain data flagged by Arkham Intelligence showed that Nobitex had halted outgoing transactions on its Ethereum address over the two days following the strikes.
TON transactions on the platform continued, though analysts noted suspected bot activity. Dogecoin is currently the largest asset held on the Nobitex platform.
Iran’s Fragile Financial Backdrop
Crypto has long served as a financial tool for Iranians navigating the country’s unstable banking system and international sanctions.
In October 2025, one of Iran’s largest private banks, Ayandeh Bank, went bankrupt after accumulating $5.1 billion in losses and nearly $3 billion in debt. The collapse affected more than 42 million customers.
Iran’s central bank previously warned that eight other local banks were at risk of dissolution unless they implemented reforms.
Nobitex itself was hacked for $81 million in June 2025. The exchange has also been linked to Iran’s Islamic Revolutionary Guard Corps and was reportedly used by Iran’s Central Bank to support the rial.
The airstrikes on Tehran triggered the outflows as the broader conflict between the US, Israel, and Iran continued to escalate over the weekend.
