TLDR
- Two brothers from the influential Kharrazi dynasty, Ali and Mohammad, established Nobitex while concealing their true identities behind the alias “Aghamir”
- The family maintains close connections to Iran’s highest levels of power, including newly appointed Supreme Leader Mojtaba Khamenei
- Blockchain analysis reveals $22 million to $366 million in sanctioned entity transactions moved through the platform
- During the US-Israel conflict with Iran, the exchange maintained operations and processed over $100 million despite nationwide connectivity shutdowns
- Operation Economic Fury has resulted in US authorities confiscating approximately $500 million in Iranian cryptocurrency assets
The Islamic Republic’s dominant cryptocurrency platform was established by siblings from an influential dynasty at the heart of Iran’s power structure — a connection they deliberately obscured for years.
In 2018, Ali and Mohammad Kharrazi launched Nobitex, yet official business documentation identified them as “Aghamir.” A Reuters exposé revealed the siblings masked their authentic surname from even longtime associates and university friends.
For multiple generations, the Kharrazi lineage has held prominent positions within Iran’s governing hierarchy. Their grandfather served as mentor to Mojtaba Khamenei, who assumed the role of supreme leader following his father’s death in a February 2026 US military strike. Their father established the Iranian political faction known as Hezbollah and participated in organizing the Islamic Revolutionary Guard Corps following the 1979 revolution.
Nobitex currently facilitates approximately 70% of cryptocurrency activity within Iran and reports 11 million registered users — representing over one-tenth of the nation’s entire population. Excluded from global financial systems through Western economic restrictions, Iranian citizens depend on this platform for storing and transferring monetary assets.
Sanctioned Funds Moved Through the Platform
Blockchain investigation companies have traced transactions connected to sanctioned organizations flowing through Nobitex. Elliptic calculated approximately $366 million in questionable transfers. Chainalysis assessed the amount at approximately $68 million. Crystal Intelligence determined roughly $22 million in immediate transfers from wallets under sanctions. Each firm acknowledged actual totals likely exceed their estimates.
In a separate finding, Elliptic discovered Iran’s central banking institution — which faces US sanctions — transferred cryptocurrency valued at around $347 million to Nobitex during the initial half of 2025.
Proof of this operation emerged from an unexpected source. Babak Zanjani, a billionaire Iranian businessman serving time for fraud, disclosed wallet addresses through social media amid a contentious disagreement with Iran’s central bank. Investigators utilized those addresses to follow at least $20 million in sanctioned central bank assets channeled through Nobitex.
Nobitex has rejected claims of governmental connections. The platform stated unauthorized transactions constitute a minor portion of total volume and happened without executive awareness.
Operating Through War and Blackout
During US and Israeli military campaigns against Iran in early 2026, Nobitex maintained continuous operations. The exchange kept facilitating transactions throughout a government-mandated internet shutdown that disconnected the majority of citizens. Crystal Intelligence determined Nobitex handled over $100 million throughout this conflict period, representing approximately 20% of typical transaction levels.
Internet surveillance organization Netblocks reported only individuals on a government-sanctioned whitelist — roughly 1% to 2% of residents — maintained internet connectivity during this timeframe. Crystal Intelligence identified at least $54 million withdrawn from Nobitex amid the hostilities, with substantial portions transferred internationally.
The exchange’s relationship to Iran’s ruling class was highlighted on April 1, 2026, when military strikes targeted the residence of the brothers’ great-uncle, Kamal Kharrazi, who previously served as foreign minister. His spouse died immediately in the attack. Kamal succumbed to his wounds several days afterward.
Iran’s newly installed supreme leader publicly offered condolences to the Kharrazi family.
US authorities have confiscated nearly $500 million in Iranian-connected cryptocurrency through Operation Economic Fury, increased from an earlier reported $344 million.
