Iran has seen a sharp increase in cryptocurrency outflows following airstrikes launched by the United States and Israel.
According to an initial report by Elliptic, a large amount of funds were sent to offshore crypto exchanges, indicating a possible capital outflow from Iran due to political and security uncertainty in the region.
Iran’s largest crypto exchange, Nobitex, saw a surge in crypto withdrawals of over 700% within minutes of the attack, exceeding $500,000, and nearly reaching $3 million within an hour.
Elliptic noted that the use of crypto allows money to be transferred out of Iran while avoiding the scrutiny of the global banking system.
However, crypto withdrawals dropped significantly after the first day, due to a strict internet blackout implemented by the Iranian government.
TRM Labs, meanwhile, stressed that Iran’s crypto ecosystem is not experiencing capital outflows, but rather a decline in transactions and volumes due to internet restrictions.
This comes as tensions are rising in the Middle East, with Iran retaliating against its neighbors.
Nobitex controls about 87% of crypto transactions in Iran and in 2025 processed about $7.2 billion for over 11 million users.
Economic problems have also worsened the situation as a major private bank, Ayandeh Bank, went bankrupt with a loss of $5.1 billion, affecting over 42 million customers.
Iran’s central bank has also warned that eight other local banks are at risk of bankruptcy if reforms are not implemented.
In addition, Nobitex itself has faced security problems, including an $81 million hack in June.
Iranians are increasingly relying on crypto to store and transfer funds, due to a fragile banking system and tight international sanctions.
