Key Highlights
- Crypto withdrawals from Iran’s largest exchange, Nobitex, spiked 700% within minutes of the U.S. and Israeli airstrikes in Tehran.
- The funds were quickly moved to foreign exchanges, which shows that crypto is being used to bypass traditional banking and protect assets during crises.
- Nobitex processed $7.2 billion in 2025 and has over 11 million users, making it a central part of Iran’s crypto system.
The amount of crypto withdrawals from Iran’s biggest exchange, Nobitex, following the U.S. and Israel airstrikes in Tehran, jumped by minutes of the strikes, according to blockchain analytics company Elliptic.
According to its report, “Cryptoasset outflows from Iranian exchange Nobitex surged within minutes of the first US‑Israeli attack on Iran, with outgoing transaction volumes spiking by 700%.”
The surge occurred immediately after coordinated U.S. and Israeli strikes on February 28, 2026, which targeted Iranian military and leadership facilities, killing Supreme Leader Ayatollah Ali Khamenei.
Users move funds abroad amid the conflict
Elliptic explained that the crypto leaving Nobitex was sent to foreign exchanges that have often received funds from Iran before. The company said this activity “potentially represents capital flight from Iran that bypasses the traditional banking system.”
Nobitex allows users to convert Iranian rials into cryptocurrencies and send them to external wallets. This makes it easier for people to move money out of the country without relying on banks. In 2025, the exchange handled about $7.2 billion in transactions and has over 11 million users, making it a key part of Iran’s digital money system.
The exchange has also been linked to financial activity connected with the IRGC, and the Central Bank of Iran used Nobitex to support the falling value of the rial earlier this year.
Elliptic also mentioned previous crypto withdrawal from Nobitex earlier this year following similar domestic unrest and sanctions. The largest withdrawal was on January 9, after citizens protected against the government and an internet blackout. Another spike happened when the U.S imposed a sanctioned that targeted Iran actors
Wide effect on the crypto market
Meanwhile, the airstrike caused an immediate reaction in the market. Major cryptocurrencies, including Bitcoin and Ether, dropped sharply, with Bitcoin briefly falling below $64,000 before recovering near $70,000. Ethereum also fell to a daily low of $1,905, before recovering above $2,000, according to CoinMarketCap.
The military attacks also led to tensions in the region. Iran launched missiles and drones toward Israeli and U.S.-linked sites, and explosions were reported near Dubai and Abu Dhabi. Some Gulf countries even closed their airspace temporarily because of safety fears.
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