Iranian Crypto Outflows Surge 700% on Nobitex Following US-Israeli Airstrikes

Crypto outflows from Nobitex, Iran’s largest digital asset exchange, surged by more than 700% within minutes of U.S. and Israeli airstrikes on Tehran on February 28, 2026, with blockchain analytics firm Elliptic recording approximately $3 million in outflows during a single hour later that day.

The spike, which saw withdrawals exceed $500,000 in the immediate aftermath of the strikes, potentially represents capital flight from Iran as users sought to move funds to foreign exchanges amid escalating regional conflict. However, subsequent government-imposed internet blackouts reduced internet connectivity by approximately 99%, sharply curtailing further crypto movements and forcing multiple Iranian exchanges offline.

Withdrawal Spike Signals Capital Flight Concerns

Elliptic’s on-chain analysis documented a dramatic increase in outflows from Nobitex coinciding with the initial airstrikes on February 28. Within minutes of the military action, withdrawal volumes jumped more than sevenfold, with cumulative outflows reaching nearly $3 million in a single hour as users rushed to move assets.

Initial tracing by Elliptic indicated that many of these funds were directed to foreign cryptocurrency exchanges, suggesting Iranian users sought to transfer value outside the country’s jurisdiction. “This allows funds to be moved out of Iran while avoiding some of the scrutiny of the global banking system,” the firm noted, highlighting crypto’s role as a potential conduit for capital flight in sanctioned economies.

Nobitex handles approximately 87% of Iran’s crypto transaction volume, processing roughly $7.2 billion in trades for more than 11 million users during 2025. The exchange has previously been linked to the Islamic Revolutionary Guard Corps and has reportedly been used by Iran’s Central Bank to support the national rial.

Internet Blackout Halts Crypto Activity

The surge in outflows proved short-lived as Iranian authorities enforced strict internet restrictions following the strikes. TRM Labs reported that internet connectivity in Iran fell by approximately 99% shortly after the conflict unfolded, effectively freezing most crypto transactions.

Chainalysis data indicates that several Iranian exchanges, including Nobitex and Ramzinex, went offline following the connectivity disruptions. On-chain monitoring by Arkham Intelligence shows that Nobitex has halted outgoing transactions on its Ethereum address over the two days following the strikes. TON blockchain transactions continue, though analysts suggest this activity may be bot-driven rather than user-initiated.

TRM Labs offered a different interpretation of the on-chain data than Elliptic, stating: “It appears that the country’s crypto ecosystem is not showing signs of acceleration or capital flight, but instead experiencing a downturn in both transactions and volume as the regime enforces strict internet blackouts.”

Dogecoin currently represents the largest asset held on the Nobitex platform, according to available data.

Regional Conflict Escalates Following Iranian Retaliation

The crypto market disruption occurred against a backdrop of escalating military conflict. U.S. and Israeli strikes targeted Iranian nuclear and missile programs, with stated objectives including regime change. Iran subsequently launched retaliatory airstrikes on neighboring countries, further destabilizing the region.

The military escalation follows decades of U.S. involvement in Middle Eastern conflicts and represents a significant expansion of regional tensions. The strikes resulted in the death of Iranian Supreme Leader Ayatollah Ali Khamenei, creating additional political uncertainty within the country.

Banking System Fragility Drives Crypto Adoption

Iranians have increasingly relied on cryptocurrencies as a solution to navigate the country’s fragile banking system and widespread international sanctions. The October 2025 bankruptcy of Ayandeh Bank, one of Iran’s largest private financial institutions, impacted more than 42 million customers after the bank accumulated $5.1 billion in losses and nearly $3 billion in debt.

Iran’s central bank warned last year that eight additional local banks face dissolution risks unless they implement significant reforms. These systemic vulnerabilities have driven demand for alternative financial infrastructure, with crypto serving as both a store of value and a means of moving funds outside the country.

However, Iranian crypto platforms have not been immune to operational challenges. Nobitex suffered an $81 million hack in June 2025, highlighting security risks within the domestic digital asset ecosystem.

Exchange Status and Market Implications

As of March 2, multiple Iranian exchanges remain offline or have restricted functionality. The internet blackout, combined with potential infrastructure damage from the strikes, has created significant uncertainty for users attempting to access their funds.

The situation illustrates cryptocurrency’s dual role in conflict zones: serving as a tool for capital flight and financial resilience while remaining vulnerable to infrastructure disruptions and government intervention. Iran’s crypto sector, long shaped by sanctions and currency instability, now faces fresh challenges at a moment of acute geopolitical crisis.

The long-term impact on Iranian crypto markets will depend on the duration of internet restrictions, the trajectory of military conflict, and whether users who successfully moved funds to foreign platforms choose to maintain those positions or repatriate assets when connectivity returns.

FAQ: Iran Crypto Outflows Following Airstrikes

How much did crypto outflows from Iran increase after the airstrikes?

Outflows from Nobitex, Iran’s largest exchange, surged by more than 700% within minutes of the first strikes on February 28, with approximately $3 million moved in a single hour. The spike was followed by a near-total internet blackout that reduced connectivity by roughly 99%, halting further crypto movements.

Are Iranian crypto exchanges still operational after the strikes?

Multiple Iranian exchanges, including Nobitex and Ramzinex, have gone offline following the strikes and subsequent internet restrictions. On-chain data confirms that Nobitex has halted outgoing Ethereum transactions, though some activity continues on other networks, potentially driven by automated bots rather than users.

Why do Iranians use cryptocurrency despite banking challenges?

Iranians have turned to crypto as a solution to navigate the country’s fragile banking system, which saw the bankruptcy of Ayandeh Bank impacting 42 million customers in October 2025, and to circumvent international sanctions. Crypto provides a means to store value and move funds outside the country while avoiding scrutiny of the global banking system.