Key Takeaways
- Two brothers from the influential Kharrazi family, Ali and Mohammad, established Nobitex under the false surname “Aghamir” to conceal their privileged background
- The family maintains close connections to Iran’s highest leadership, including newly appointed Supreme Leader Mojtaba Khamenei
- Blockchain analysis companies calculated that sanctioned entity transactions ranging from $22 million to $366 million flowed through Nobitex
- During active military conflict between the US-Israel alliance and Iran, the exchange facilitated more than $100 million in trades, continuing operations even during total internet shutdown
- American authorities have confiscated approximately $500 million in Iranian cryptocurrency through Operation Economic Fury
A cryptocurrency exchange dominating Iran’s digital asset market was secretly established by siblings from a family dynasty deeply embedded in the nation’s power structure — a connection they deliberately obscured for years.
The Kharrazi brothers, Ali and Mohammad, launched Nobitex in 2018 while registering themselves in official documents using “Aghamir” as their family name. Reuters’ investigative reporting uncovered that the duo maintained this deception even among close associates and university peers who had known them for years.
For multiple generations, the Kharrazi lineage has held influential roles within Iran’s governing hierarchy. Their grandfather served as tutor to Mojtaba Khamenei, who assumed the position of supreme leader following his father’s death in a February 2026 US military strike. Their father established the Iranian political organization Hezbollah and participated in recruiting initial personnel for the Islamic Revolutionary Guard Corps following the 1979 revolutionary period.
Nobitex currently dominates approximately 70% of cryptocurrency activity within Iran and reports a user base of 11 million individuals — representing over one-tenth of the nation’s entire population. With international banking systems inaccessible due to Western economic restrictions, ordinary Iranian citizens depend on this platform for storing and transferring monetary value.
Blockchain Analysis Reveals Sanctioned Entity Transactions
Multiple blockchain intelligence companies have detected transaction flows connected to entities under international sanctions moving through the Nobitex platform. Elliptic’s analysis identified approximately $366 million in questionable transfers. Chainalysis calculated the amount at roughly $68 million. Crystal Intelligence traced about $22 million in direct movements from wallets belonging to sanctioned parties. Each firm acknowledged the actual totals likely exceed their estimates.
Additionally, Elliptic discovered that Iran’s central banking institution — which operates under US sanctions — transferred cryptocurrency valued at around $347 million to Nobitex during the initial half of 2025.
Proof of these activities emerged from an unexpected source. Iranian billionaire Babak Zanjani, who faces fraud convictions, disclosed wallet addresses publicly on social platforms during a contentious disagreement with Iran’s central bank. Analysts leveraged those addresses to follow at least $20 million in sanctioned central bank assets channeled through Nobitex.
Nobitex representatives have rejected claims of governmental connections. Company officials stated that illegal transactions constitute a minor percentage of total trading volume and took place without leadership awareness.
Continuous Operations During Military Conflict and Internet Shutdown
As US and Israeli forces commenced military actions targeting Iran in early 2026, Nobitex maintained uninterrupted service. The exchange sustained transaction processing throughout a government-mandated internet shutdown that disconnected the vast majority of the population. Crystal Intelligence determined that Nobitex facilitated over $100 million in transactions throughout the military engagement, representing approximately 20% of typical trading volumes.
Internet surveillance organization Netblocks reported that exclusively individuals on a government-authorized whitelist — comprising between 1% and 2% of citizens — maintained internet connectivity during this timeframe. Crystal Intelligence identified that no less than $54 million was extracted from Nobitex throughout the war period, with substantial portions transferred internationally.
The exchange’s relationship to Iran’s power elite became starkly evident on April 1, 2026, when military aircraft struck 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 sustained injuries several days afterward.
Iran’s newly installed supreme leader issued public statements of sympathy to the Kharrazi family.
American officials have confiscated nearly $500 million in cryptocurrency with Iranian connections under Operation Economic Fury, an increase from the previously announced $344 million.
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