Tehran airstrikes trigger 700% surge in cryptocurrency withdrawals from Iran’s largest exchange

As U.S. and Israeli airstrikes struck Tehran on Saturday, Iranians rushed to move at least $3 million in cryptocurrency out of the country in 48 hours—a 700% surge through Nobitex that underscores how sanctions and geopolitical conflict are driving capital flight through digital assets as traditional banking channels remain frozen.

Data reviewed by Elliptic shows that more than $500,000 was withdrawn from the platform shortly after the first strikes. Between Feb. 28 and March 1, that figure climbed to nearly $3 million, reflecting a rapid acceleration in Iranian crypto outflow during a period of heightened geopolitical tension.

The spike highlights how digital assets are being used in real time as traditional financial channels remain strained by conflict and sanctions. Analysts say the Iranian crypto outflow reflects broader efforts by individuals to move capital across borders when access to international banking is limited.

Digital assets as a channel for capital movement

In a published report, Elliptic said the Iranian crypto outflow appears linked to efforts by residents to transfer wealth abroad while conventional financial routes face disruption.

“Nobitex allows rials to be converted to cryptoassets, which can then be withdrawn to any external wallet. This allows funds to be moved out of Iran while avoiding some of the scrutiny of the global banking system,” — Elliptic, blockchain analytics firm.

Iran’s national currency, the rial, has struggled for months and hit a new low on Feb. 19, intensifying pressure on households and businesses. Against this backdrop, the Iranian crypto outflow has increasingly served as an alternative financial pathway.

A 2025 report by Chainalysis recorded a 70% year-over-year increase in Iranian crypto outflow, attributing the rise largely to individuals seeking financial security amid currency depreciation and tightening economic restrictions. The latest surge following the Tehran strikes appears to extend that trend under more acute geopolitical stress.

Elliptic noted that similar bursts of Iranian crypto outflow have occurred periodically since the start of the year, including during the January 9 demonstrations. At that time, exchange activity was dampened by an internet blackout imposed by authorities, which reduced visible transaction flows.

Internet blackouts complicate the picture

A separate analysis by TRM Labs documented a comparable pattern over the weekend but offered a more cautious interpretation of the data.

According to TRM Labs, Iran’s internet connectivity fell by roughly 99% after the strikes began. Rather than confirming large-scale capital flight, the firm observed a sharp contraction in blockchain activity.

The activity represented “a downturn in both transactions and volume” due to the internet blackouts, — TRM Labs, blockchain intelligence company.

The divergence in interpretations underscores the complexity of measuring Iranian crypto outflow in near real time. While blockchain data can track on-chain transactions, connectivity disruptions can temporarily obscure the full scope of movement.

Nonetheless, the immediate withdrawals recorded before connectivity dropped suggest at least an initial wave of capital repositioning as news of the strikes spread.

Nobitex’s central role in Iran’s crypto market

Nobitex, Iran’s largest cryptocurrency exchange, processed approximately $7.2 billion in cryptoasset transactions in 2025 alone, according to Elliptic. Its scale makes it a central gateway for converting rials into digital assets — and a key indicator of broader Iranian crypto outflow trends.

The platform has faced challenges in recent years. In 2025, Nobitex was hacked by the pro-Israel group Predatory Sparrow, resulting in losses exceeding $90 million. The breach disrupted liquidity for both retail and institutional users, slowed transaction processing, and dented market confidence.

Despite those setbacks, Nobitex remains a primary on-ramp for Iranians seeking exposure to cryptocurrencies. The recent Iranian crypto outflow surge reinforces the exchange’s role as a financial pressure valve during periods of instability.

As geopolitical tensions persist and the rial remains under strain, analysts say Iranian crypto outflow is likely to remain a closely watched metric. Whether driven by precautionary diversification or urgent capital flight, the movement of funds through digital assets reflects how conflict and currency volatility are reshaping financial behavior in real time.