Iranian cryptocurrency exchange Nobitex experiences a 700% surge in fund outflows! After U.S. airstrikes, crypto becomes a "fund escape route"

After the U.S. military launched airstrikes against Iran, the flow of funds on Iran’s largest crypto asset exchange, Nobitex, surged by 700% within minutes. On-chain data shows that as geopolitical risks rapidly escalate, cryptocurrencies are becoming an important outlet for quickly transferring some funds.
(Background: Escalating conflict! Israel attacks Hezbollah in Lebanon, resulting in “31 dead, 149 injured,” condemning Iran for launching ballistic missiles)
(Additional context: Iran’s oil prices may not rise despite the conflict! Bloomberg analysis: Three reasons why a repeat of the oil crisis is unlikely)

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• Airstrikes trigger market turbulence, funds rapidly withdraw
• Are cryptocurrencies becoming a channel for capital flight?
• Abnormal fluctuations under sanctions and internet blockades
• Blockchain transparency as a double-edged sword

Shortly after the U.S. military launched airstrikes against Iran, Nobitex, Iran’s largest crypto asset exchange, experienced abnormal fund movements. According to the latest data from blockchain analysis firm Elliptic, the amount of crypto assets transferred out of Nobitex spiked by 700% within minutes of the attack, raising concerns about capital flight and sanctions evasion by Iran.

Airstrikes Trigger Market Turbulence, Funds Rapidly Withdraw

Elliptic pointed out that following the first wave of military actions by the U.S. and Israel against Iran, Nobitex’s on-chain transfer volume nearly instantly skyrocketed, showing clear abnormal activity.

This “short-term surge” in fund outflows typically indicates that investors or asset holders are feeling highly uneasy about the political and military situation, prompting them to quickly transfer assets to reduce risk exposure.

Since 2025, Nobitex has handled a total of $7.2 billion in crypto transactions (including deposits and withdrawals), with over 11 million platform users, making it one of the most influential crypto trading infrastructures within Iran.

Are Cryptocurrencies Becoming a Channel for Capital Flight?

Nobitex offers a Rial-to-crypto exchange service, allowing users to withdraw assets to overseas wallets or foreign exchanges. This model enables cross-border movement of funds without passing through traditional banking systems, to some extent bypassing international financial regulations and scrutiny.

Initial on-chain tracking shows that recently, funds flowing out of Nobitex have moved to several overseas crypto exchanges that have previously handled Iranian funds. Analysts believe this may reflect that, amid rising geopolitical risks, some capital is choosing to transfer abroad quickly through crypto assets.

Abnormal Fluctuations Under Sanctions and Internet Blockades

In fact, since January this year, Nobitex has experienced multiple peaks in fund outflows. The largest occurred on January 9, when Iran faced large-scale protests, followed by government-imposed internet shutdowns.

Interestingly, during these internet disruptions, the volume of fund outflows decreased significantly but did not drop to zero, indicating that even when the platform’s website was inaccessible, some users could still access and move crypto assets through other means.

Additionally, two other notable waves of fund outflows occurred after the U.S. announced new sanctions against Iran. The overlap of these time points has led to questions about whether crypto assets are being used as an alternative channel to evade sanctions.

Blockchain Transparency as a Double-Edged Sword

It is worth noting that while cryptocurrencies offer the possibility of bypassing banking restrictions, the transparency inherent in blockchain technology also allows these abnormal fund movements to be monitored and exposed in real time.

Because on-chain data is publicly accessible, regulators and compliance teams can quickly track the flow of funds, sometimes even more rapidly than traditional financial systems.

Overall, the U.S. airstrikes not only impact regional security but also cause immediate shocks to Iran’s crypto market. The 700% surge in Nobitex’s fund outflows indicates that, under high political pressure and sanctions, cryptocurrencies have become an important tool for some to hedge risks and move assets abroad.