TLDR
- Nobitex, Iran’s dominant cryptocurrency platform, experienced a 700% increase in withdrawal activity moments after US-Israeli military strikes hit Tehran on Saturday.
- Withdrawal volumes reached approximately $3 million during a single hour, with significant amounts transferred to international exchanges.
- Elliptic characterized the surge as possible “capital flight,” though TRM Labs suggested internet shutdowns were the primary factor reducing crypto transactions.
- Iranian internet access plummeted by roughly 99% following the military action, disconnecting the vast majority of users.
- Nobitex and additional Iranian platforms are currently offline, with blockchain records indicating suspended outbound transfers from the exchange’s Ethereum wallet.
Iran’s most prominent cryptocurrency trading platform recorded an extraordinary increase in user withdrawals moments after US and Israeli forces launched airstrikes targeting Tehran on Saturday.
Nobitex, commanding approximately 87% of Iran’s cryptocurrency trading volume, witnessed withdrawal requests skyrocket more than 700% almost instantly following the initial strikes. The exchange facilitated around $7.2 billion in trading activity for over 11 million registered users throughout 2025.
Blockchain intelligence company Elliptic documented that withdrawals exceeded $500,000 within the first few minutes, subsequently climbing to approximately $3 million during a one-hour period later that same day.
According to Elliptic’s preliminary analysis, substantial portions of these funds were transferred to cryptocurrency exchanges based outside Iran. The company suggested this activity “potentially represents capital flight from Iran” and enables wealth transfer beyond Iranian borders while circumventing traditional international banking oversight.
However, this assessment faced pushback from other analysts.
Competing blockchain forensics company TRM Labs characterized the withdrawal surge as temporary and pointed to government-imposed internet shutdowns as the primary cause for reduced activity rather than widespread capital exodus.
Iran’s internet availability collapsed by approximately 99% soon after military operations commenced, TRM reported. The company emphasized that Iran’s cryptocurrency sector wasn’t demonstrating capital flight indicators, but rather experiencing a “downturn in both transactions and volume.”
Exchange Outages and On-Chain Slowdowns
By March 2, blockchain monitoring service Chainalysis documented that multiple Iranian cryptocurrency platforms, including Nobitex and Ramzinex, had ceased operations.
These service interruptions may stem from government-mandated internet restrictions or potential physical damage to infrastructure caused by the bombing campaign.
Blockchain data highlighted by Arkham Intelligence revealed that Nobitex had suspended outbound transfers from its Ethereum wallet during the 48-hour period after the strikes occurred.
TON-based transactions on the exchange persisted, although analysts detected patterns suggesting automated bot trading. Dogecoin represents the largest cryptocurrency asset currently stored on Nobitex’s platform.
Iran’s Fragile Financial Backdrop
Cryptocurrency has historically functioned as a critical financial resource for Iranian citizens managing the nation’s volatile banking infrastructure and restrictive international sanctions.
In October 2025, Ayandeh Bank, among Iran’s most significant private financial institutions, declared bankruptcy following accumulated losses of $5.1 billion and outstanding debts approaching $3 billion. 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 comprehensive structural reforms.
Nobitex experienced a significant security breach in June 2025, losing $81 million to hackers. The platform has been associated with Iran’s Islamic Revolutionary Guard Corps and allegedly utilized by Iran’s Central Bank for supporting the national currency, the rial.
The Tehran airstrikes catalyzed the withdrawal surge as tensions between the US, Israel, and Iran intensified throughout the weekend.
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