- Cryptoasset outflows from Iranian exchange Nobitex surged immediately after initial US-Israeli strikes.
- Other major outflow spikes coincided with US sanctions announcements and internet blackouts within Iran.
- The outflows potentially represent capital flight bypassing the traditional banking system.
Within minutes of the first US-Israeli attack on Tehran, cryptoasset outflows from Iran’s largest exchange spiked dramatically, potentially signaling a rapid move of capital away from the country. Elliptic’s analysis shows transaction volumes from Nobitex surged by 700% in that immediate period, illustrating how geopolitical disruption can trigger swift on-chain movement.
Consequently, this event fits a pattern of similar surges observed since the start of the year. The largest previous spike occurred on January 9, following widespread demonstrations and a subsequent regime-imposed internet blackout, while other increases came after the announcement of US sanctions on Iranian actors. This activity suggests cryptoassets are being used to move value out of Iran while avoiding the scrutiny faced by traditional finance, as data shows clear outflow reductions during blackout periods.
However, blockchain’s transparency allows this activity to be tracked. Initial tracing indicates these funds are being sent to overseas cryptoasset exchanges that have historically received significant Iranian inflows. Nobitex, which facilitated $7.2 billion in transactions in 2025 and has been linked to IRGC-aligned activity, allows users to convert rials to cryptoassets for external withdrawal.
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