Iran crypto outflows rose 700% after US‑Israel attack

Nobitex, Iran’s largest crypto exchange, recorded a sharp spike in withdrawals within minutes of US and Israeli strikes on Tehran. Elliptic found outflows rose more than 700% to over $500,000, and later that day outflows neared $3 million in a single hour, though a widespread internet outage limited further movement.

Elliptic described the surge as potentially representing capital flight, with initial tracing showing many funds sent to foreign crypto exchanges as a way to avoid some scrutiny of the global banking system. TRM Labs disputed that conclusion, noting outflows fell sharply after Saturday as the regime enforced near-total internet blackouts and connectivity reportedly fell by roughly 99%.

The movements came amid escalating strikes by the US and Israel aimed at toppling Iran’s regime and dismantling its nuclear and missile programs, and Iran responded with airstrikes on neighboring countries, adding to regional instability.

Iran, Tehran

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