TLDR
- Nobitex, Iran’s dominant cryptocurrency platform, experienced a 700% increase in withdrawal activity moments after Tehran faced US-Israeli military strikes on Saturday.
- Withdrawal volumes reached approximately $3 million during a single 60-minute period, with significant funds transferred to international platforms.
- Analysis from Elliptic suggested the surge represented possible “capital flight,” though TRM Labs argued that nationwide internet shutdowns were the primary factor limiting crypto transactions.
- Internet access throughout Iran plummeted by roughly 99% following the military engagement, effectively disconnecting the vast majority of citizens.
- Multiple Iranian cryptocurrency platforms, including Nobitex, subsequently went dark, with blockchain records indicating suspended outbound transfers from the exchange’s Ethereum wallet.
Iran’s predominant cryptocurrency trading platform witnessed an extraordinary surge in user withdrawals mere moments after US and Israeli forces launched airstrikes against Tehran on Saturday.
Nobitex, commanding approximately 87% of Iran’s cryptocurrency trading activity, recorded withdrawal volumes that skyrocketed over 700% almost instantaneously following the initial strikes. The exchange facilitated roughly $7.2 billion in trading volume for its user base exceeding 11 million throughout 2025.
According to blockchain intelligence provider Elliptic, outbound transfers exceeded $500,000 within the first few minutes, subsequently escalating to approximately $3 million during a one-hour window later that same day.
Elliptic’s preliminary investigation revealed substantial portions of these funds were directed toward overseas cryptocurrency trading platforms. The analytics firm characterized this activity as “potentially represents capital flight from Iran,” noting it enables the transfer of wealth beyond Iranian borders while circumventing traditional financial system oversight.
However, this assessment faced pushback from industry peers.
Rival blockchain forensics company TRM Labs characterized the withdrawal spike as temporary, attributing the subsequent decline to state-mandated internet disruptions rather than widespread capital exodus.
Iran’s nationwide internet accessibility decreased by approximately 99% immediately following the onset of hostilities, TRM reported. The firm concluded that Iran’s cryptocurrency infrastructure displayed no indicators of capital flight, instead observing a “downturn in both transactions and volume.”
Exchange Outages and On-Chain Slowdowns
By March 2, blockchain monitoring service Chainalysis confirmed that multiple Iranian cryptocurrency platforms, including Nobitex and Ramzinex, had ceased operations.
These disruptions may stem from government-mandated internet controls or potential physical infrastructure compromises resulting from the bombing campaign.
Blockchain intelligence tracked by Arkham Intelligence revealed that Nobitex suspended outbound transfers from its Ethereum wallet address throughout the 48-hour period following the strikes.
TON network transactions remained active on the platform, although researchers identified what appeared to be automated bot operations. Dogecoin presently represents the largest cryptocurrency asset maintained on Nobitex’s platform.
Iran’s Fragile Financial Backdrop
Cryptocurrency has historically functioned as an essential financial mechanism for Iranian citizens contending with the nation’s volatile banking infrastructure and extensive international sanctions.
In October 2025, Ayandeh Bank, among Iran’s largest private financial institutions, declared bankruptcy following accumulated losses totaling $5.1 billion alongside nearly $3 billion in outstanding obligations. This institutional failure impacted over 42 million account holders.
Iran’s monetary authority had previously issued warnings that eight additional domestic banks faced potential closure without implementing comprehensive structural reforms.
Nobitex itself suffered an $81 million security breach in June 2025. The platform has additionally been associated with Iran’s Islamic Revolutionary Guard Corps and allegedly utilized by Iran’s Central Bank for rial stabilization efforts.
The Tehran airstrikes catalyzed the withdrawal surge as tensions between the United States, Israel, and Iran continued intensifying throughout the weekend period.
