Iranian crypto users rushed to pull funds from domestic exchanges after U.S.–Israel airstrikes, triggering a 700% surge in outflows from the country’s largest platform.
Nobitex recorded over 11 million users and $7.2 billion in 2025 trading volume.
Why it matters:
- The panic withdrawal wave exposes just how quickly geopolitical shocks can destabilize crypto markets in sanctioned economies.
- It also shows how digital assets serve as a financial lifeline when traditional systems come under threat.
The details:
- Blockchain analytics firm Elliptic recorded a 700% spike in outflows from Nobitex, Iran’s largest crypto exchange, within minutes of the airstrikes.
- Nobitex has previously been linked to the Islamic Revolutionary Guard Corps (IRGC) and was reportedly used by Iran’s Central Bank to support the rial.
- As of March 2, Chainalysis reported that several Iranian exchanges, including Nobitex and Ramzinex, had gone offline.
- This may be due to government-ordered internet shutdowns or infrastructure damage from the bombings.
- On-chain data flagged by Arkham Intelligence shows Nobitex has halted outgoing transactions on its Ethereum address over the past two days.
- TON transactions continue, though analysts suspect bot activity. Notably, DOGE is currently the largest asset held on the platform.
The big picture:
The outflows show crypto’s dual role in conflict zones: a tool for capital flight and financial resilience, but also one vulnerable to infrastructure blackouts and government intervention.
Iran’s crypto sector, long shaped by sanctions and currency instability, now faces fresh disruption at a moment of acute geopolitical crisis.
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