Crypto: Tensions in the Middle East are once again reflected in the world of digital assets. Following weekend airstrikes by the United States and Israel on Tehran, cryptocurrency withdrawals from Iran’s largest exchange, Nobitex, surged dramatically. According to analytics firm Elliptic, the volume of outgoing transactions increased by more than 700% within minutes of the first explosions. Some experts speak of possible capital flight, while others warn that the interpretation is more complex.
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Cryptocurrency Withdrawals Skyrocket Within Minutes
In its Monday statement, Elliptic reported that the outflow of cryptocurrencies from the Nobitex exchange shortly after the airstrikes began exceeded 500,000 dollars, rising to nearly 3 million dollars within a single hour.
According to initial analysis of blockchain data, a significant portion of the funds was directed to foreign crypto exchanges. This could indicate, according to Elliptic, an attempt by Iranians to move assets beyond the reach of domestic restrictions and outside traditional banking oversight.
“This enables the movement of funds from Iran without some of the controls of the global banking system,” the company stated.
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Internet Blackout Stops Further Outflows
However, the sharp increase in withdrawals was short-lived. According to forensics platform TRM Labs, the outflow declined sharply after Saturday. The cause was reportedly action by the Iranian regime, which reportedly implemented massive internet connectivity restrictions.
TRM Labs reported that connectivity in the country dropped by approximately 99% shortly after the conflict erupted. The nearly complete internet blackout effectively prevented further cryptocurrency transfers.
At the same time, TRM Labs challenged Elliptic’s interpretation of systematic capital flight. According to the firm, it is necessary to consider the context of the escalating conflict between the US, Israel, and Iran and Iran’s subsequent retaliation.
Nobitex: Key Gateway to the Crypto World
The Nobitex exchange plays a crucial role in Iran’s crypto ecosystem. According to available data, it handles approximately 87% of all cryptocurrency transaction volume in the country.
In 2025, it processed transactions worth approximately 7.2 billion dollars and served more than 11 million users. In an environment of strong international sanctions and limited access to foreign financial services, it represents one of the few ways for many Iranians to store or transfer value.
However, this platform is not without problems. In June this year, it became the target of a hacking attack, resulting in the disappearance of approximately 81 million dollars.
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Bank Collapse and Trust in Cryptocurrencies
The increased interest in cryptocurrencies in Iran cannot be separated from the long-standing problems of the country’s banking sector. Last October, one of the largest private banks in the country, Ayandeh Bank, collapsed. According to available information, it accumulated losses of 5.1 billion dollars and debts of nearly 3 billion dollars. The collapse affected more than 42 million customers.
Furthermore, Iran’s central bank warned last year that eight other local banks face the risk of failure if they do not undertake fundamental reforms.
Combined with extensive sanctions and limited access to the international financial system, cryptocurrencies represent an alternative to traditional banks for part of the population. They enable people to store savings in digital form and transfer them relatively quickly across borders.
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