TLDR
- Nobitex, Iran’s leading cryptocurrency platform, experienced a 700% increase in withdrawals moments after military strikes targeted Tehran on Saturday.
- Withdrawal activity reached approximately $3 million during a single hour, with substantial funds transferred to international platforms.
- Elliptic characterized the movements as possible “capital flight,” though TRM Labs attributed reduced activity to nationwide internet shutdowns rather than mass exodus.
- Internet access across Iran plummeted by roughly 99% following the military action, disconnecting the majority of users.
- Multiple Iranian crypto platforms including Nobitex subsequently became inaccessible, with blockchain records indicating suspended outbound transfers from the platform’s Ethereum wallet.
Iran’s premier cryptocurrency platform witnessed an extraordinary surge in user withdrawals moments after military strikes reached Tehran on Saturday.
Nobitex, commanding approximately 87% of Iranian crypto trading volume, registered withdrawal activity exceeding normal levels by more than 700% almost instantly following initial strikes. The exchange facilitated around $7.2 billion in trading activity for over 11 million registered users throughout 2025.
Blockchain intelligence provider Elliptic documented outflows exceeding $500,000 during the initial minutes, subsequently escalating to approximately $3 million within a single hour that same day.
Elliptic’s preliminary analysis revealed substantial portions of these funds moved to international cryptocurrency platforms. The company characterized this pattern as “potentially represents capital flight from Iran” and noted it enables fund transfers outside the country while bypassing traditional banking oversight systems.
Alternative perspectives emerged from other analysts.
Crypto investigation firm TRM Labs observed that withdrawal surges proved temporary and pointed to government-imposed connectivity restrictions as the primary factor behind declining activity rather than widespread capital departure.
Iran’s internet accessibility decreased by approximately 99% immediately following the onset of hostilities, according to TRM. The organization determined that Iran’s cryptocurrency sector was experiencing a “downturn in both transactions and volume” rather than demonstrating capital flight patterns.
Exchange Outages and On-Chain Slowdowns
As of March 2, blockchain monitoring service Chainalysis confirmed that multiple Iranian cryptocurrency platforms, including Nobitex and Ramzinex, had become unreachable.
The service disruptions appear connected to government-mandated connectivity limitations or potential infrastructure damage resulting from the military operations.
Blockchain records highlighted by Arkham Intelligence revealed that Nobitex suspended outbound transfers from its Ethereum wallet during the 48-hour period following the strikes.
TON network transactions on the platform persisted, although analysts identified patterns suggesting automated bot operations. Dogecoin currently represents the most significant asset balance on the Nobitex platform.
Iran’s Fragile Financial Backdrop
Cryptocurrency has historically functioned as a critical financial mechanism for Iranians managing the country’s volatile banking infrastructure and international economic restrictions.
During October 2025, Ayandeh Bank, among Iran’s most prominent private financial institutions, entered bankruptcy following accumulated losses totaling $5.1 billion alongside nearly $3 billion in outstanding debt. The institutional failure impacted more than 42 million account holders.
Iran’s monetary authority had previously issued warnings that eight additional domestic banks faced potential closure absent comprehensive reform measures.
Nobitex experienced an $81 million security breach during June 2025. The platform has faced scrutiny regarding connections to Iran’s Islamic Revolutionary Guard Corps and allegations of involvement with Iran’s Central Bank in supporting the rial currency.
The military operations targeting Tehran precipitated the withdrawal surge as tensions between the US, Israel, and Iran intensified throughout the weekend.
