Iran’s Nobitex sees 700% crypto outflow spike amid strikes
Iran’s largest cryptocurrency exchange, Nobitex, recorded a sharp increase in withdrawals within minutes of United States and Israeli strikes in Tehran on Saturday, before widespread internet disruptions curtailed further outflows.
In a post on Monday, blockchain analytics firm Elliptic said outflows from Nobitex surged by more than 700% to over $500,000 within minutes of the initial strikes, with a chart indicating that withdrawals approached nearly $3 million in a single hour later that day.
Elliptic said the rapid increase “potentially represents capital flight from Iran,” adding that initial tracing showed many transfers were sent to foreign cryptocurrency exchanges, enabling funds to move out of Iran while avoiding some of the scrutiny associated with the global banking system.
Outflows from Nobitex dropped sharply after Saturday, which crypto forensics firm TRM Labs attributed to strict internet blackouts imposed by authorities. TRM noted that Iran’s internet connectivity fell by approximately 99% shortly after the conflict escalated.
TRM Labs also disputed Elliptic’s conclusion about capital flight, stating: “It appears that the country’s crypto ecosystem is not showing signs of acceleration or capital flight, but instead experiencing a downturn in both transactions and volume as the regime enforces strict internet blackouts.”
The developments occurred amid escalating regional tensions, with US and Israeli strikes in Tehran followed by Iranian airstrikes on neighboring countries, adding to instability.
Nobitex is Iran’s largest crypto exchange, accounting for roughly 87% of the country’s crypto trading volume. In 2025, it processed about $7.2 billion in trades for more than 11 million users.
Recent banking failures have affected millions of Iranians
Many Iranians continue to rely on cryptocurrencies to store and transfer funds amid a fragile banking system and extensive international sanctions.
In October, Ayandeh Bank, one of Iran’s largest private lenders, was declared bankrupt after accumulating $5.1 billion in losses and nearly $3 billion in debt, affecting more than 42 million customers.
The Central Bank of Iran warned last year that eight other local banks risk dissolution unless they implement reforms.
Iranian crypto exchanges have also faced setbacks; Nobitex reported an $81 million hack in June.
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