In the initial moments following the joint military operation by the US and Israel against Iran, the volume of transfers from the country’s largest cryptocurrency exchange, Nobitex, surged by 700%, according to Elliptic.
🚨 Iranian cryptoasset outflows surge 700% within minutes of airstrikes
Elliptic analysis shows a 700% surge in outflows from Iranian exchange Nobitex within minutes of the first US-Israeli airstrikes.
Surges have been occurring since January, coinciding with new US sanctions… pic.twitter.com/7cczBUInXN
— Elliptic (@elliptic) March 2, 2026
Experts noted that in 2025, the platform processed digital asset transactions worth $7.2 billion. The user base comprises 11 million accounts. The exchange is closely linked to the financial activities of the Islamic Revolutionary Guard Corps.
“The sharp spike in cryptoasset outflows on Saturday potentially indicates capital flight from Iran. Nobitex allows the conversion of rials into digital currencies, which can then be transferred to any external wallet,” stated Elliptic specialists.
According to their assessment, this route allows for the evasion of capital movement controls imposed by the international banking system.
Experts highlighted other spikes in outgoing transactions from Nobitex this year. The largest occurred on January 9 following mass demonstrations in Iran and the subsequent internet shutdown by authorities. This suggests that a certain category of exchange users has access to the site even under such conditions.
Two other spikes in activity occurred after the US announced sanctions against Iranian officials. The increase in outgoing operations suggests that cryptocurrencies were potentially used to circumvent restrictions, noted Elliptic experts.
“This activity not only demonstrates how funds can move outside traditional channels but also highlights the inherent transparency of blockchain. The same data that revealed these spikes helps authorities and regulators track further capital movements faster and more accurately than traditional financial instruments,” they emphasized.
Back in January, specialists from the company discovered the purchase of the stablecoin USDT by Iran’s central bank for $507 million.
