Nobitex, Iran’s Largest Crypto Exchange, Experiences 700% Surge in Withdrawals Following US-Israeli Airstrikes on Tehran

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TLDR

  • Iran’s largest crypto exchange, Nobitex, experienced a 700% surge in withdrawals within minutes of US-Israeli airstrikes on Tehran on Saturday.
  • Withdrawals reached nearly $3 million in a single hour, with a significant portion of funds being transferred to foreign exchanges.
  • Blockchain firm Elliptic characterized this activity as potential “capital flight,” while TRM Labs suggested that internet blackouts actually reduced overall crypto activity.
  • Iran’s internet connectivity decreased by approximately 99% following the commencement of the conflict, impacting most users.
  • Nobitex and other Iranian exchanges have since become inaccessible, with on-chain data indicating a halt in outgoing transactions from the platform’s Ethereum address.

Iran’s primary cryptocurrency exchange recorded a substantial increase in withdrawals shortly after US and Israeli airstrikes targeted Tehran on Saturday.

Nobitex, which processes approximately 87% of Iran’s cryptocurrency transaction volume, observed outflows increase by over 700% almost immediately after the initial strikes. The platform facilitated around $7.2 billion in trades for more than 11 million users in 2025.

Blockchain analytics firm Elliptic reported that outflows exceeded $500,000 within minutes, subsequently rising to nearly $3 million within a single hour later that day.

Elliptic’s initial analysis indicated that many of the funds were directed to international crypto exchanges. The firm suggested this “potentially represents capital flight from Iran,” enabling funds to leave the country while evading scrutiny from the global banking system.

This interpretation was not universally shared.

Fellow crypto forensics platform TRM Labs contended that the outflows were brief and attributed the decline to government-imposed internet blackouts rather than a widespread capital exodus.

Internet connectivity in Iran dropped by approximately 99% shortly after the conflict began, according to TRM. The firm stated that Iran’s crypto sector was not exhibiting signs of capital flight but rather a “downturn in both transactions and volume.”

Exchange Outages and On-Chain Slowdowns

As of March 2, blockchain analytics platform Chainalysis reported that several Iranian exchanges, including Nobitex and Ramzinex, had ceased operations.

These shutdowns could be connected to government-mandated internet restrictions or physical damage to infrastructure resulting from the bombings.

On-chain data identified by Arkham Intelligence revealed that Nobitex had suspended outgoing transactions from its Ethereum address in the two days following the strikes.

TON transactions on the platform continued, although analysts noted suspected bot activity. TON is currently the largest asset held on the Nobitex platform.

Iran’s Fragile Financial Backdrop

Cryptocurrency has long served as a financial instrument for Iranians navigating the nation’s unstable banking system and international sanctions.

In October 2025, one of Iran’s largest private banks, Ayandeh Bank, declared bankruptcy after accumulating $5.1 billion in losses and nearly $3 billion in debt. This collapse affected over 42 million customers.

Iran’s central bank had previously cautioned that eight other domestic banks were at risk of closure unless they implemented reforms.

Nobitex itself was subjected to an $81 million hack in June 2025. The exchange has also been associated with Iran’s Islamic Revolutionary Guard Corps and was reportedly utilized by Iran’s Central Bank to support the rial.

The airstrikes on Tehran prompted the outflows as the broader conflict between the US, Israel, and Iran continued to intensify over the weekend.