Crypto analytics firm Elliptic detected a significant spike in digital asset withdrawals from Nobitex, Iran’s dominant crypto exchange serving more than 11 million users, in the immediate aftermath of initial US-Israel military strikes on Iranian territory.
The London-based blockchain intelligence company said the surge in outflows last Saturday may indicate capital flight. Outgoing transaction volumes spiked by 700% within minutes of the first strikes.
Elliptic said the data suggests Iranian users converted rials into digital assets and moved funds to external wallets beyond the reach of conventional banking oversight.
Nobitex handled $7.2B in crypto transactions in 2025, establishing itself as a cornerstone of Iran’s digital asset infrastructure. The platform has faced scrutiny over alleged financial ties to the Islamic Revolutionary Guard Corps.
In January, Elliptic reported evidence suggesting Iran’s central bank utilized the exchange to prop up the country’s weakening currency.
Early tracing of recent withdrawals shows funds flowing toward foreign trading platforms that have historically absorbed substantial volumes originating from Iran.
The pattern mirrors previous episodes this year. The most pronounced earlier spike occurred on January 9, coinciding with mass protests and a government-imposed internet shutdown. Withdrawal activity declined during the blackout but persisted at reduced levels, suggesting some users maintained access to their holdings despite the platform going offline.
Two subsequent surges aligned with fresh US sanctions announcements targeting Tehran, reinforcing observations that digital assets serve as a potential route around financial restrictions.
