Iranian Crypto Exchanges Record $10.3 Million in Outflows After Airstrikes

Chainalysis recorded roughly $10.3 million in cryptoasset outflows from Iranian exchanges between February 28 and March 2, 2026, following the US–Israeli airstrikes. Hourly outflows approached or exceeded $2 million after February 28. Elliptic noted that Nobitex, Iran’s largest crypto exchange, saw a 700% increase in outgoing transaction volumes.

Transfers originated from several of Iran’s largest exchanges and ranged from small amounts to sums exceeding $1 million, moving to overseas mainstream exchanges, domestic Iranian exchanges, and other wallets. Possible explanations include retail users moving funds into self-custodial wallets as a hedge against instability, exchange-level liquidity reshuffling to obscure wallet identification and mitigate sanctions exposure, and state-aligned actors leveraging domestic exchanges to evade sanctions, conduct cross-border transactions, or launder funds during heightened geopolitical tension.

Iran

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