Following the initiation of military operations by the United States and Israel against Iran, cryptocurrency transfers from Nobitex, the nation's largest exchange, skyrocketed by 700%. This significant increase was highlighted in a recent report from Elliptic.
Elliptic revealed that there was a dramatic 700% increase in outflows from Nobitex shortly after the airstrikes commenced. This pattern of heightened outflows had already been observed since January, aligned with the imposition of new US sanctions.
In 2025, Nobitex processed digital asset transactions worth $7.2 billion and boasts a user base of 11 million accounts, which are thought to be closely tied to the financial operations of the Islamic Revolutionary Guard Corps.
Experts from Elliptic suggested that the sudden rise in crypto outflows signals a potential capital flight from Iran. The exchange allows users to convert local currency into cryptocurrencies, which can be transferred to external wallets, thus helping them navigate capital restrictions set by the international banking system.
Further analysis revealed other notable spikes in outflows from Nobitex this year, particularly a peak on January 9, coinciding with nationwide protests and a subsequent internet blackout imposed by the Iranian authorities. This indicates that certain users were still able to access the exchange under restrictive conditions.
